27 Nov '14, 4pm

Citi Chief Economist: Bitcoin is Closest Commodity to Gold

Gold is a commodity like bitcoin and other cryptocurrencies, Citi's chief economist argues in a research note published yesterday, ahead of a Swiss vote that could cause the global gold price to spike. Switzerland will hold a popular referendum on Sunday called 'Save Our Swiss Gold'. If passed, it would mandate the Swiss National Bank to hold a fifth of its assets in gold and to repatriate its holdings from England and Canada. The bank would also be banned from selling its gold in future. Gold prices have dropped as markets await the referendum. If the referendum is passed, gold prices will surge, although this is unlikely, CNBC reported . Polls show that the initiative has the support of only 30% of voters, short of the 50% required, the broadcaster said. Value by agreement The low chance of a successful referendum hasn't stopped the mega-bank's chief economist, Willem Bu...

Full article: http://www.coindesk.com/citi-chief-economist-bitcoin-clos...

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