A new sensation has appeared in the world of cryptocurrencies: after a six-month break, China has resumed purchasing gold instead of investing in Bitcoin. This decision has caused heated discussions among economists and analysts, as it could significantly change the balance of power on the world stage.
China is betting on gold
After six months of uncertainty, the People's Bank of China officially confirmed that it resumed purchasing gold for its reserves in November. This decision came as a surprise, as the possibility of creating a strategic reserve with Bitcoin was previously considered. Rejection of cryptocurrency in favor of gold may be a signal to other countries that crypto assets remain too risky for national reserves.
“This decision may be caused by the growing volatility of the cryptocurrency market and uncertainty about their future status in the global economy,” comments an economist from Beijing.
Impact on the cryptocurrency market
This move by China has not gone unnoticed. The price of Bitcoin immediately reacted by falling, which was an additional blow to crypto investors. Many of them are now wondering whether it is worth continuing to invest in digital assets, if even large economies like China are abandoning them.
What next?
Analysts are divided in their opinions: some believe that gold will once again become the main asset for storing value, while others insist that cryptocurrencies still have the potential to grow. Despite this, China's decision could mark the beginning of a new era in the relationship between states and cryptocurrencies.