Tokenized US gold could ultimately benefit Bitcoin: NYDIG
Putting US gold reserves on the blockchain would benefit Bitcoin despite the two assets being nothing like each other, says NYDIG’s Greg Cipolaro.
An idea to tokenize or track US gold reserves to make their movements transparent on a blockchain won’t work in the same trustless way as Bitcoin does, but doing so could help the cryptocurrency, says a research analyst.
Greg Cipolaro, global head of research at New York Digital Investment Group (NYDIG), said in a March 21 note that Trump administration officials, including Elon Musk, have floated using a blockchain to track US gold and government spending — an idea supported by crypto executives.
“Here’s the thing about blockchains. They’re not very smart,” Cipolaro said. “They’re limited in the information they convey. For example, Bitcoin has no idea what the price of Bitcoin is or even the current time.”
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