Newt Gingrich, an American politician who was in the White House during Bill Clinton’s time and who ran for president in 2012, turned to Bitcoin
The Financial Times has reported that Newt Gingrich, who served as 50th speaker of the U.S. House of Representatives from 1995 to 1999, has joined the International Bitcoin Advisory Corporation (IBAC) as he has pivoted to Bitcoin.
What it will do is help countries and central banks keep Bitcoin as a hedge against inflation.
Gingrich works with Bitcoin in a market potentially worth $50 billion
IBAC is a new company based in Israel and founded by former banker Avi Ifergan. The goal of its operations is to create a structure to help central banks and wealth funds meet all of their investment needs in digital assets.
Another goal is to help governmental institutions adopt Bitcoin and other crypto assets.
The market for government institutions’ investment services in digital assets is estimated to be potentially worth more than $ 50 billion, as central banks hold $ 30 trillion in AUM globally and an additional $ 8 trillion in sovereign wealth funds. The $50 billion figure is accurate if banks and wealth funds invest at least 1.5% of their assets into crypto.
“Nations and central banks can hold Bitcoin as a hedge against inflation”
Gingrich told the Financial Times that in the long term, the IBAC will be able to offer government institutions and central banks to invest in Bitcoin and hold a portion of their assets there as a hedge against inflation.
As it turns out, he meant small countries like El Salvador, whose central banks do not expect to impact financial behavior globally and are not game-changers here.
Gingrich owns Bitcoin because “it’s the most widely held”
In the specific 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 “small amount” of BTC for several years now, but it’s more than a Bitcoin, he says.
