u.today
The Financial Times has reported that Newt Gingrich, who served as 50th speaker of the US House of Representatives from 1995 to 1999, has joined the International Bitcoin Advisory Corporation (IBAC) as he pivoted to Bitcoin.
What he is going to do is help countries and central banks hold Bitcoin as a hedge against inflation.
Newt Gingrich pivots to bitcoin https://t.co/6moxF5KciO
— Edward Harrison (@edwardnh) October 21, 2021
Gingrich works with Bitcoin in the market potentially worth $50 billion
IBAC is a new company based in Israel by a former banker Avi Ifergan. The goal of its operations is to create an outfit to help central banks and wealth funds with all their needs they may have with digital asset investments.
Another goal is to help governmental institutions adopt Bitcoin and other crypto assets.
It has been estimates that the market of servicing investment of governmental institutions in digital assets is potentially worth more than $50 billion since central banks globally hold $30 trillion AUM and another $8 trillion in sovereign wealth funds. The $50 billion figure is accurate if banks and these wealth funds invest at least 1.5% of their assets in crypto.
“Nations and Central banks can hold Bitcoin as inflation hedge”
Gingrich told the Financial Times that in long-term prospect IBAC will be able to offer governmental institutions and central banks to invest in Bitcoin and hold part of their assets in it as an inflation hedge.
As it turned out, what he meant was small countries like El Salvador, whose central banks do not expect to impact the financial behavior globally and are not game changers here.
Gingrich owns Bitcoin, since "it's most widely held"
In the particular case of El Salvador, Gingrich believes that Bitcoin has a big advantage over other assets. He believes in Bitcoin, since “it is most widely reported and most widely held”. He also owns Bitcoin, as it turned out. He has owned a “tiny amount” of BTC for several years now, but that’s more than one Bitcoin, according to him.