According to U.Today, Gabor Gurbacs, a strategic advisor at Tether, has suggested that India's recent movement of its gold supply from the U.K. could have been simplified if the country had adopted Bitcoin. Gurbacs's comments came in response to news that India has transferred 100 tons of gold from the U.K. back to its own vaults and plans to transport even more in the coming month. He highlighted that Bitcoin's ease of transaction and storage makes it a viable alternative to physical gold.
Gurbacs also pointed out that geopolitical tensions can complicate basic financial business, especially in non-neutral countries. India's decision to move its gold reserves is a case in point. The country had pledged part of its gold reserves in 1991 during a severe foreign exchange crisis. Now, for the first time in 33 years, India has started buying gold and moving some of it out of the U.K. This move signifies the strengthening of the Indian economy.
In a separate tweet earlier this week, Gurbacs suggested Bitcoin as an alternative to the U.S. dollar for countries facing depreciation of their national fiat currencies. He stated that it is now irresponsible for nation-states not to hold Bitcoin, citing the example of El Salvador, which adopted Bitcoin as a national currency three years ago. Argentina is reportedly considering following El Salvador's example. El Salvador is currently attracting wealthy individuals by offering them citizenship in exchange for $1 million worth of Bitcoin or Tether's USDT. All other cryptocurrencies are prohibited in the country.
