UBS survey finds central bankers see benefits in investing in cryptocurrencies like bitcoin. 28% see the benefits of cryptocurrency as an uncorrelated asset and “11% would see it as an alternative to gold”.
Central bankers see the benefits of investing in cryptocurrencies like Bitcoin
The 27th annual UBS Reserve Management Seminar survey explores the prospects of cryptocurrencies as investments for central banks. The survey, conducted between April and June, questioned central bankers at nearly 30 central banks in all regions of the world, UBS said. According to Switzerland’s largest bank, this survey “is one of the most reliable descriptions of official reserve management activities available.”
Central bankers were asked what would be the motivation of central banks to invest in cryptocurrencies like bitcoin. The most popular response was “Learning / Gaining Knowledge About Crypto Investing Process and Investment Management”. UBS described: “83% of participants believe that the learning process itself to invest and manage this new asset class would be valuable for their institution. “
The second most popular response was “Uncorrelated Active”. The third was “Report technical progress of the institution”. Another common response was “Alternative to Gold (Independence from Western Financial System)”. UBS wrote:
28% of participants view the benefits from cryptocurrencies as an uncorrelated asset, and an additional 11% would view it as an alternative to gold.
Central bankers were also asked specifically if they saw cryptocurrencies supplanting gold as a safe haven asset in the future. Of the respondents, 84% said no, 0% said yes and 16% said they did not know. “A majority of 84% of participants do not believe that cryptocurrencies will replace gold as a safe haven,” UBS noted.
The survey also asked central bankers about central bank digital currencies (CBDCs). 46% of respondents indicated that CBDCs and cryptocurrencies will coexist, noting that bitcoin and other cryptocurrencies will not be replaced by central bank digital currencies. Meanwhile, 33% believe CBDCs will replace cryptocurrencies.
What do you think of this survey? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.