UBS Survey – Regulation Bitcoin News

A UBS survey shows that central bankers see advantages in investing in cryptocurrencies like Bitcoin. 28% see advantages in the fact that cryptocurrency is an uncorrelated asset and “11% would consider it an alternative to gold”.

Central bankers see advantages in investing in cryptocurrencies like Bitcoin

UBS’s 27th Annual Reserve Management Seminar Survey examines the prospect of cryptocurrencies as an investment for central banks. This survey, conducted between April and June, interviewed central bankers from nearly 30 central banks in every region around the world, UBS said. According to the largest Swiss bank, this survey is “one of the most informative representations of official reserve management activities”.

Central bankers were asked what would be the motivation for central banks to invest in cryptocurrencies like Bitcoin. The most popular answer was “learning / building knowledge about the crypto investing process and investment management”. UBS described: “83% of respondents believe the learning process to invest and manage this new asset class would be valuable to their institution.”

The second most popular answer was “uncorrelated asset”. The third was “signaling the technical progress of the institution”. Another common answer was “Gold alternative (independence from the Western financial system).” UBS wrote:

28% of participants see the benefits of cryptocurrencies as an uncorrelated asset, and another 11% would see them as an alternative to gold.

11% of central bankers consider “cryptocurrencies like Bitcoin” to be gold alternatives: UBS survey
27th UBS survey on the annual Reserve Management Seminar. Source: UBS

Central bankers were also specifically asked if they see cryptocurrencies displacing gold as a safe haven in the future. Of the respondents, 84% said no, 0% said yes and 16% said they did not know. “A majority of 84% of the participants do not believe that cryptocurrencies will displace gold as a safe haven,” stated UBS.

The survey also asked central bankers about central bank digital currencies (CBDCs). 46% of respondents said that CBDCs and cryptocurrencies will coexist, noting that bitcoin and other cryptocurrencies will not be replaced by central bank digital currencies. Meanwhile, 33% believe that CBDCs will displace cryptocurrencies.

What do you think of this survey? Let us know in the comment section below.

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Gold alternative, CBDC, central bank digital currencies, central bank digital currency, central bankers, central banks, gold alternative, reserve manager, safe haven, survey, UBS, ubs survey

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