Jeff Park, head of Alpha Strategies in Bitwise Asset Management, has registered that recent developments in the gold market could trigger a massive exodus to Bitcoin. In particular, the Bank of England is under scrutiny of prolonged delivery times in physical gold, feeding a renewed debate about the reliability of the active supported by gold. As a reaction, Park writing Vía X:
“I am counting the days until a logistics disaster (or absolute fraud) in the physical delivery of these assets destroys the faith of even the most devout gold believers, which leads them directly to Bitcoin’s arms,” Park via x .
Bitcoin on gold
Park’s statement is produced in the midst of reports that the Bank of England, which supposedly owns around 5,000 tons of metric gold, has delayed deliveries of what used to be a few days to four to eight weeks. According to a source familiar with the matter, “the wait to withdraw bilges stored in the vaults of the Bank of England has increased from a few days to between four and eight weeks”, indicating that the Central Bank is “struggling to keep up to date With demand. ” “
Market observers attribute these delays to an unprecedented increase in transatlantic shipments and growing gold inventories in the United States. “People cannot have gold in their hands because a lot has been sent to New York, and the rest are caught in the tail,” an industry executive told journalists. The accumulation of the Central Bank has coincided with the increasing reserves in the exchange of Comex merchandise in New York, which has seen its golden inventory increase almost 75%, from 533 metric tons to 926 metric tons, in the American elections of November.
Park further stressed the history of the logistics and fraud incident industry by pointing out two notable scandals. First he mentioned the Qingdao metal scandal. “Here is the hilarious story called the Qingdao metal scandal,” Park wrote. According to the reports, he said how merchants in China used the same copper, aluminum and nickel reserves as collateral several times, only to reveal that much of the real metal was missing.
Park highlighted another recent case with the nickel fiasco of London Metal Exchange (LME). “The LME discovered that some of his nickel disappeared! Instead of registered metal bags, stones’ bags arrived. Even more shocking is that this is not the first nickel fraud of LME. “
More recently, Park referred to reports that the global giant of basic products discovered a deficit of $ 500 million in fuel in Mongolia. “I already published about this, but it is worth updating that Trafigura lost $ 500 mm of fuel in Mongolia three months ago,” Park wrote.
Such episodes, according to Park, illustrate the vulnerability of physical markets of basic products. “You can get the ‘physical’ fuel of Mongolia,” Park added, “but you can’t get spiritual fuel from Genghis Khan of Mongolia.”
Digital asset defenders such as Park argue that Bitcoin, often promoted as a “more difficult” asset on Earth, avoids logistics complexities that affect the physical products sector. However, paradoxically, it still faces obstacles when it comes to regulatory acceptance and ETF structures.
“Meanwhile, the hardest asset on Earth [Bitcoin] It cannot even be contributed in kind to its beloved ETF of Bitcoin, despite having logistics costs close to zero. But of course, let’s continue pretending that this system makes sense, ”said Park.
He continued to suggest that current regulatory frameworks remain an important obstacle: “part of why people are so worried about” regulation “in cryptography is because they continue to put the lens of values in the asset that does not really work. Once That you put the lens of basic products as a starting point, the world suddenly begins to make much more sense. ”
Although the Bank of England has not issued a formal statement on prolonged delivery times, observers see this as another potential wedge for traditional gold investors. If the arrears persist, more skepticism could enliven the reliability of physical gold markets. Park and others in the cryptographic industry see this as a turning point that can pivot attention, and capital, in Bitcoin, which does not need physical shipments or third -party vaults.
At the time of publication, BTC quoted at $ 95,961.
Outstanding image created with Dall.E, Record of TrainingView.com
