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China was pushing for a new global reserve currency back in 2009

06 Dec, 2018
by Ryan Boltman
News
China was pushing for a new global reserve currency back in 2009

Bitcoin advocate and founder of Morgan Creek Digital, Anthony Pompliano tweeted the original article in which the title states "China calls for new reserve currency". The article was posted on the Financial Times dated March 24, 2009.

Pompliano is a massive Bitcoin advocate and strongly believes in the power it possesses in the long run. Pompliano originally tweeted that the Chinese Central Bank had previously called for a new global reserve currency that would be disconnected from governments that used credit-based national currencies.

The original article which was shared on Financial Times online in 2009. In the article, the governor of China's central bank stated that the goal was to create a reserve currency "that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies”

The idea behind the new reserve currency was to avoid the negative impact that the US economy could have on the Chinese market when the US attempted to save the domestic economy. “This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.

Recap: China's "Bitcoin evangelist" joins blockchain startup developing yuan stablecoin

The article reiterates the importance of being disconnected from an economic powerhouse that could face financial crisis in the future. Zhou Xiaochuan, the central bank’s governor at the time said the proposal would require “extraordinary political vision and courage”

Nearly twenty years on, and bitcoin has been created and now holds a market cap of over $67 billion. 

Pompliano continues to promote bitcoin and the endless possibilities it can create for economic development and change across the globe. However, he does beleive BTC could see $3,000 in the upcoming weeks. Pomp also insists that investors "dont listen to the noise, focus on the fundamentals" 

Also read: Pompliano on CNN -"fundamentals haven't changed, don't be surprised if we see $3K"

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