Countries and banks (including central banks) are still buying gold as a hedge against dollar and other currencies.
For example, "from November 2022 to April 2024, China reported adding about 314 tons to its reserves, bringing the official total to 2,264 tons by mid-2024".
The logic for holding Bitcoin is the same as the logic for holding gold: a hedge against dollar and other currencies.
You may be right, but I think China specifically has learned something from Russia.
Before invading Ukraine, Russia held assets across the world and they were frozen (some of it USD).
Now imagine you are a large holder of US treasuries, would you take some off the table and purchase this other asset (gold) that can ensure you're less susceptible to your enemies sanctions?
Additionally, the proposed currency for BRICS is going to be partially backed by gold, assuming they still go ahead with it even with the threat of Trump's tarriffs.
Countries and banks (including central banks) are still buying gold as a hedge against dollar and other currencies.
For example, "from November 2022 to April 2024, China reported adding about 314 tons to its reserves, bringing the official total to 2,264 tons by mid-2024".
The logic for holding Bitcoin is the same as the logic for holding gold: a hedge against dollar and other currencies.