Ghana invests 1% of its reserves in Bitcoin

[Kenter.Dic]

Ghana invests 1% of its reserves in Bitcoin

The executive director of a large holding company in Ghana called on the central bank to invest one percent of its reserves in Bitcoin.

In an interview with Joy Business, Papa-Wassa Shefi Ndoum - vice president of Groupe Nduom - said that Bitcoin has grown so much that central banks can no longer ignore its precedents as a global reserve asset.

Referring to reports that predict that the US dollar will decline relative to other reserve currencies in 2018, Ndoum said that African central banks, such as the Bank of Ghana, should consider buying a small amount of Bitcoin while it is at a relatively low level compared with the record price in December last year.

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[audaciousbeing]

Ghana invests 1% of its reserves in Bitcoin

The executive director of a large holding company in Ghana called on the central bank to invest one percent of its reserves in Bitcoin.

In an interview with Joy Business, Papa-Wassa Shefi Ndoum - vice president of Groupe Nduom - said that Bitcoin has grown so much that central banks can no longer ignore its precedents as a global reserve asset.

Referring to reports that predict that the US dollar will decline relative to other reserve currencies in 2018, Ndoum said that African central banks, such as the Bank of Ghana, should consider buying a small amount of Bitcoin while it is at a relatively low level compared with the record price in December last year.

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This is a misleading topic as it was a suggestion and not a confirmation of what the Ghanaian authorities are willing to do as you have represented in the title. Anybody can express an opinion based on the way they see it as the right one. And government in its own capacity does not work that way because a lot of factors are condsidered before even touching the national purse which in this case its reserves which does not belong to anybody but the entire populace.

In a democratic setting to spend a dime for the purse of government itself deserves some amount of lobbying and acceptance from the country's legislative house not to talk of investing it in something as volatile as crypto currency. I dont see that happening any time soon.

[Bobby park]

This is a misleading topic as it was a suggestion and not a confirmation of what the Ghanaian authorities are willing to do as you have represented in the title. Anybody can express an opinion based on the way they see it as the right one. And government in its own capacity does not work that way because a lot of factors are condsidered before even touching the national purse which in this case its reserves which does not belong to anybody but the entire populace.

In a democratic setting to spend a dime for the purse of government itself deserves some amount of lobbying and acceptance from the country's legislative house not to talk of investing it in something as volatile as crypto currency. I dont see that happening any time soon.

Yeah! I think that there is wrong with the heading as it said that "Ghana invests 1% of its reserves in Bitcoin". Though there is a good news that African countries will now accept the essence of bitcoin and the innovation of technology, it is hard to think that the reserve dollar of the country will put in bitcoin. Without any approval of branch of government.

[jhenfelipe]

The title of the blog itself is misleading. The one used by CCN is more suitable Ghana Should Invest 1% of Its Reserves in Bitcoin: Nduom VP Tells Central Bank, even the information was more organized.

Since this is just a suggestion as of now, the more interesting news would be the answer of the Central Bank. If they even consider studying about the blockchain and so on. What's for sure is, it would take a long time if ever since there will be considerations and discussions before taking such risk.

[dothebeats]

I highly doubt that the Central Bank of Ghana would approve of this, more so reviewing it for their own benefit. The idea for us regular crypto joes seem appealing, but then again this type of investment that will be initiated by the government requires a huge amount of legislative talks and strong opposition before it passes the legislative body. It's a long and tedious process; a nice idea, but to think that a government allocates a percent of its reserves on something so volatile, it's kinda ^stupid and scary at the same time.

[pitiflin]

Ghana invests 1% of its reserves in Bitcoin

The executive director of a large holding company in Ghana called on the central bank to invest one percent of its reserves in Bitcoin.

In an interview with Joy Business, Papa-Wassa Shefi Ndoum - vice president of Groupe Nduom - said that Bitcoin has grown so much that central banks can no longer ignore its precedents as a global reserve asset.

Referring to reports that predict that the US dollar will decline relative to other reserve currencies in 2018, Ndoum said that African central banks, such as the Bank of Ghana, should consider buying a small amount of Bitcoin while it is at a relatively low level compared with the record price in December last year.

More

Bitcoin has grown, in terms of price yes. Any country investing in Bitcoin would first think of the consequences of the act first. US would get offended obviously, that 1% sounds to be small but it is a lot of money, so little change in the price of bitcoin shall affect the reserves and in times of need, if the price falls, it shall affect the economy badly. Central Banks of different countries have issued various circulars on how to avoid the "biggest and the latest bubble" of this decade, Bitcoin. If one country decides to do so, others would not like such a cause since these are totally decentralized, and economies are clearly centralized. This may affect and cause a lot of hindrances in trades between country figuratively and literally.

[Hydrogen]

If Ghana's central bank invested 1% of its reserves in bitcoin, you would see the price go up.    (Bitcoin's price not moving is how you know the headline might be misleading  )

There could be an underlying theme here. A whale or someone with big connections might have bought millions in bitcoin, causing the price to rise from around $13k to $15k. Now they might be utilizing their connections to persuade the central bank of ghana to buy more bitcoin to raise the price higher so that they can sell and reap their profits.

It is just a conspiracy theory but we might be seeing how the wealthy and elites have advantages over normal traders and a real world example of how big fish utilize insider connections (its not who you are, its who you know) to make their money.

[RamonBTC]

This is one catchy title that has no connection to the post itself. As it is misleading on purpose or just a reverse psychological marketing on some point. The first thing I think is the bitcoin price and why it wasn’t bullish if this news is true. Reading It answered that question in my mind, it was just a suggestion and not an actual investments.

[eternalgloom]

Yeah, I don't see this happening any time soon and your title is pretty misleading, as other have mentioned.
Bitcoin is still far too volatile for a central bank to invest 1% into it, won't happen any time soon.

He wasn't even talking about the Ghanese central bank in particular, but mentioned 'African banks'.

[phreakk]

Yeah! I think that there is wrong with the heading as it said that "Ghana invests 1% of its reserves in Bitcoin". Though there is a good news that African countries will now accept the essence of bitcoin and the innovation of technology, it is hard to think that the reserve dollar of the country will put in bitcoin. Without any approval of branch of government.

Good news? You find it good news that poor countries adopt technology that's useless for 99% of their population?
That's insanely bad news! It's making the situation in the countries worse than they already were. It's not improving them at all.

First priority for these countries should be getting their country stable again, not investing in Bitcoin.

Don't get me wrong, I find Bitcoin and cryptocurrencies in general a great addition to our society, but not to Africa. It just doesn't fit in there yet.

This is one catchy title that has no connection to the post itself. As it is misleading on purpose or just a reverse psychological marketing on some point. The first thing I think is the bitcoin price and why it wasn’t bullish if this news is true. Reading It answered that question in my mind, it was just a suggestion and not an actual investments.

Completely unrelated to the post itself? Interesting... The title of the post is exactly the same as the title of this thread. I agree that it's a bit misleading, but it's perfectly related to the post itself.

[RamonBTC]

This is one catchy title that has no connection to the post itself. As it is misleading on purpose or just a reverse psychological marketing on some point. The first thing I think is the bitcoin price and why it wasn’t bullish if this news is true. Reading It answered that question in my mind, it was just a suggestion and not an actual investments.

Completely unrelated to the post itself? Interesting... The title of the post is exactly the same as the title of this thread. I agree that it's a bit misleading, but it's perfectly related to the post itself.

Ghana is a country and not a company, obviously run by government officials and not by an executive director. What I mean is, even that company is located in Ghana it doesn’t mean it is a representative of that place because he is still a private Official of a private company. So the title and topic is two different stories that is totally unrelated for me. That is just my opinion and nothing else.

[squatz1]

As usual these crazy claims are coming from accounts with minimal or no reputation and they are linking to their reference sites that simply aren't anything that people would trust. The sites are random and are just trying to get some ad revenue by getting people on here to visit them -- yet again, it's not going to work in the least.

People have to start cracking down on this behavior, as it does make us look bad. PAINT EM RED.

[pinkflower]

Please update and change the title, and also the first bolded sentence of this thread. Ghana HAS NOT invested anything in BTC yet. Please get your facts straight, Kenter.Dic and avoid posting clickbait type statements.

[stompix]

The title of the blog itself is misleading. The one used by CCN is more suitable Ghana Should Invest 1% of Its Reserves in Bitcoin: Nduom VP Tells Central Bank, even the information was more organized.

Of course is misleading...after all it's a clickbait title, check the user history...
That's all he does around the forum , posting his crappy blog links to earn clicks.
https://bitcointalk.org/index.php?action=profile;u=1289772;sa=showPosts

The article short summary is like this:
A guy who works for an investment group said that the country should invest 1% of it's reserve in BTC.
Nothing more than that.
Besides, the entire reserves of Ghana are 7 billion, 1% of it would make it 70 millions, that's something like 5k BTC something or like the block reward for two days.

But of course nobody is going to read the thread and the avalanche of illiterate noobs will turn it into a spam fest.

[13abyknight]

Clearly a misleading title which suggests Ghana actually invested a part of their reserve in BTC while in actuality its just the head of a company advising the central bank to do so. While it is high risk for a country's central bank to invest their reserves in Bitcoin, it could still pay off on the longer run for an underdeveloped country like Ghana instead of traditional USD reserve.

[BrewMaster]

a website with .club domain name and similar topics by OP and other newbie accounts spamming the link in a similar way and on top of it a useless article written with lots of misinformation!

the title alone is dumb enough for making the conclusion without reading any further! no bank of any country in the world is ever going to even consider investing in bitcoin unless they offer services on it like coinbase does and make money of those services not from bitcoin price.

[Roukawa]

Yeah! I think that there is wrong with the heading as it said that "Ghana invests 1% of its reserves in Bitcoin". Though there is a good news that African countries will now accept the essence of bitcoin and the innovation of technology, it is hard to think that the reserve dollar of the country will put in bitcoin. Without any approval of branch of government.

Good news? You find it good news that poor countries adopt technology that's useless for 99% of their population?
That's insanely bad news! It's making the situation in the countries worse than they already were. It's not improving them at all.

First priority for these countries should be getting their country stable again, not investing in Bitcoin.

Don't get me wrong, I find Bitcoin and cryptocurrencies in general a great addition to our society, but not to Africa. It just doesn't fit in there yet.

It is hard for the poor people to come up in cryptocurrency if a lot of people didn't know yet about the technology. Well, Ghana will take a risks in investing in bitcoin. For sure if their investment will fail then it will reflect to the citizen. That's why I don't think that Ghana will surely invest in a volatile asset. They will not sacrifice the welfare of citizens.

[batang_bitcoin]

Just like what others noticed, we all thought that the whole Ghana government is starting to invest it's 1% reserve to bitcoin but we are all being mislead.

a website with .club domain name and similar topics by OP and other newbie accounts spamming the link in a similar way and on top of it a useless article written with lots of misinformation!

A clickbait and does want to attract more clicks on his website.

The one used by CCN is more suitable Ghana Should Invest 1% of Its Reserves in Bitcoin: Nduom VP Tells Central Bank, even the information was more organized.

I see so this is the real news about it.

[yomarve]

Misleading title but however finally African personalities are stepping up to publicly embrace the "bubble ".