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Oscar Pacey Profile picture
Oscar Pacey
@oscpacey
Network Economies Adviser
Jan 13, 2020 • 15 tweets • 3 min read
Short thread on use of Bitcoin by central banks - compared to gold. A UK Case Study.

Gordon Brown, the head of the UK Treasury, in 1999 decided to sell off more than half of the UK's gold reserves. Over a couple of years he sold off around 400 tonnes leaving around 300 tonnes. The UK still has about this same amount in reserve. The motivation was to reduce the volatility of the UK's reserve portfolio, and since gold hadn't been performing well nor capable of paying any dividends it should be dropped for foreign currencies, mainly the EUR.