There has been a recent survey conducted by UBS, where the question asked was if crypto can be considered as a replacement to Gold. There were almost 30 banks that participated in the survey, and 11% agreed with the idea. On the other hand, we had 28% who thought it would be better if BTC and Gold were not related. The survey also asked if the bankers believe that crypto will become a safe haven for investors like Gold. 84% disagreed with the statement, while 16% said they don’t know.
UBS conducted its 27th annual management seminar survey between April and June globally. The reason for going with central banks for this survey is because they are the backbone of the financial system. It also gives us an idea of how far we have come regarding the acceptance of crypto on a global scale. There are several other insights too that the UBS survey gave.
When asked the motivation behind investing in crypto, the banks said that learning about this new asset class would be beneficial. More than 83% of the central banks gave a reply similar to this. This is a great thing as many even said that investing in Bitcoin shows the technical progress of the bank. The idea is true as Bitcoin is still being seen as something complex while it is actually very simple.
Apart from talking about crypto and gold, the survey also asked one more important question. We all know that banks are continuously working on central bank digital currencies that will be backed by the government. When asked in the survey if they think that CBDCs will be able to replace decentralized currencies like Bitcoin, 1/3rd of the respondents believed so. On the other hand, 46% thought that CBDCs and other cryptocurrencies would co-exist.
What are your thoughts on the UBS survey and crypto as a gold replacement? Is there something you disagree on or something you would like to ask? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.