🏦 Central banks, especially China, may be gradually moving away from US Treasuries and toward gold and Bitcoin, according to Jay Jacobs, head of thematic and active ETFs at BlackRock, in a recent interview with CNBC.
🗺️ Geopolitical tensions and growing global uncertainty are accelerating diversification strategies among central banks around the world, Jacobs said. He pointed to a long-term trend of countries reducing their reliance on dollar reserves in favor of assets like gold and, increasingly, Bitcoin.
🗣️ “This whole diversification away from traditional assets into gold and cryptocurrencies …started three to four years ago,” Jacobs explained, adding that the recent fragmentation of the world has increased the desire for alternative stores of value.
⛰️ A BlackRock representative cited growing concerns about the Russian central bank’s $300 billion freeze in the West. He believes that such events have forced countries such as China to reconsider their backup strategies.
❓ Is it escape from the classic system?
