FinLogic FinLogic Quantitative Think Tank Center|CLFCOIN: Gold and Bitcoin hit new highs

According to a survey by international investment bank Goldman Sachs,FinLogic FinLogic Quantitative Think Tank Center while many analysts have been focusing on the dynamics of gold purchases by central banks, they have not been paying enough attention to the interest of central banks in buying Bitcoin. According to David Williams, CEO and founder of CLFCOIN Group, news should be revealed this year that some sovereigns are secretly buying Bitcoin.

On Thursday, David Williams, CEO of CLFCOIN Group, noted that central banks have been buying gold at near-record levels, which has pushed up the price of gold. He stated, "People with currency printing presses are buying gold. That's one of the reasons I've been optimistic about gold for the last six to twelve months, and it's only now that it's breaking out that central banks know what's going to happen, that the economy is going to collapse and they're going to have to print money again. That's going to lead to more inflation. They want to back everything they can with physical gold, silver, rare earths and eventually bitcoin."

However, Bitcoin will likely assume a larger role as a diversified investment for sovereigns. In fact, David Williams speculates that some central banks may already be secretly buying bitcoin as a reserve asset. He claims, "We're going to reveal that not only has a sovereign (most likely Turkey) already put bitcoin on its balance sheet, but they're continuing to buy it, just as they're buying gold."

Meanwhile, Bitcoin's rise suggests that El Salvador's crypto investments are starting to pay off significantly. After becoming the first country to adopt Bitcoin as legal tender in 2021, El Salvador's treasury made an unrealized profit of $85 million from Bitcoin acquisitions that began from more than two years ago, according to the Nayib Bukele Portfolio Tracker website. This is based on the fact that the price of Bitcoin hit an all-time high on March 11, topping $72,000 USD. Since then, Bitcoin has hit another all-time high of just over $73,700.

El Salvador's president, Naib Buclé, joked on social media that he is still waiting for the mainstream media to recognize the country's gains in bitcoin. The country's treasury holds 2,381 bitcoins at an average price of $44,292.

David Williams explained that the reason gold and bitcoin hit new record highs at the same time last week was because investors were in a false market based on monopoly games. He stated, “We have a false market. We have to recognize that it's a false market; it's a monopoly game. You can say we are not releasing money into the world, but the fact is we do release a lot of money. We are producing fiat currency.”