Vice President of Groupe Nduom, Papa-Wassa Chiefy Nduom, has urged the Bank of Ghana [BoG], to consider investing foreign currency reserves into bitcoin.<\/p>\n
Chiefy Nduom,\u00a0 a Bitcoin enthusiast with a background in banking technology, believes that the bitcoin cryptocurrency could become digital gold for Ghana and other countries on the African continent.<\/p>\n
[contextly_sidebar id=”zrSATyRmO8WwaZ5ybOtV5i8OXwqhQZmf”]Just in 2018, bitcoin jumped to $14,951 on January 3 from $13,354 on January 1.<\/p>\n
Bitcoin went up by nearly 1,300 percent in 2017 to $13,800 on December 31, 2017, from $999 on January 1 2017.<\/p>\n
\u201cJust as investors will take gold and store it in their banks around the world to hedge against risks that they can\u2019t perceive because they can\u2019t predict the future, people are doing the same thing with bitcoin,\u201d Mr. Nduom noted in a video message ushering in 2018.<\/p>\n
In his view, bitcoin could also serve as a cushion against the fall in the value of dollar reserves, hence his advise to the BoG.<\/p>\n
“In Ghana, in particular, I think the Central Bank should look very carefully into putting maybe up to 1 percent of our dollar reserves into bitcoin, studying the space and announcing to the world that we are going to be open for investment in bitcoin\u2026 we need to be heavily invested in these areas.\u201d<\/p>\n