Bitcoin is Speculation and Not the Future of Money, Ex-ECB Chief Says

Bitcoin is Speculation and Not the Future of Money, Ex-ECB Chief Says
фото показано с : bitcoinist.com

2019-11-11 15:01

Jean-Claude Trichet, former president of the European Central Bank (ECB), said that he was strongly against Bitcoin and hinted that cryptocurrency purchases are no more than speculation, South China Morning Post reported on Sunday.

Bitcoin is Not Real

Speaking at the Caixin’s 10th annual conference in Beijing, Trichet said he was doubtful that Bitcoin and cryptocurrencies are the future of money. He stated:

“I am strongly against bitcoin, and I think we are a little complacent. The [crypto]currency itself is not real, with the characteristics that a currency must have.”

Buying Bitcoin or any other cryptocurrency is more about speculation, according to him.

“Even if [the cryptocurrency] is supposed to be based on underlying assets, I am observing a lot of speculation. It is not healthy,” the ex-ECB chief added.

While Trichet admits that the world is moving away from hard money, i.e. physical coins and banknotes, he doesn’t think the direction points to cryptocurrency. Instead, he would prefer the so-called Special Drawing Rights (SDR), a monetary instrument created by the International Monetary Fund (IMF). This unit of account is backed by a basket of fiat currencies, including the US dollar, the euro, the British pound, the yen, and the Chinese renminbi.

“I have great doubts of keeping control of monetary value in [the cryptocurrency] domain. In the so-called new stable international currencies … the SDR would be the right basket.”

Trichet was at the head of the ECB from 2003 to 2011. Previously, he was governor of the Bank of France. On a side note, the French central bank recently admitted that it considered Bitcoin investments as speculation.

Current ECB President Endorses Cryptos

Interestingly, the current ECB head, Christine Lagarde, has a history of making crypto-supportive statements on various occasions.

Ironically, she is the former head of the IMF, the creator of the SDR tool, which Trichet loves so much.

In September of this year, Lagarde hinted that central banks should be more open to cryptocurrencies.

What do you think about Trichet’s comments on Bitcoin? Share your thoughts in the comments section!

Image via Shutterstock, Bitcoinist Media Library

The post Bitcoin is Speculation and Not the Future of Money, Ex-ECB Chief Says appeared first on Bitcoinist.com.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68342.62 (-0.16%)
Объем 24H $29.744b
Изменеия 24h: 1.12 %, 7d: 0.75 %
Cегодня L: $68342.62 - H: $68476.74
Капитализация $1346.901b Rank 1
Цена в час новости $ 8718.71 (683.86%)

bitcoin money speculation future strongly against said

Источник: bitcoinist.com

bitcoin money → Результатов: 126


Фото:

Bitcoin Money Flow and Futures Volume Signals Intense Volatility is Imminent

Bitcoin’s futures market is seeing surging aggregated open interest as the crypto finds itself caught within a bout of lackluster trading This coincides with the crypto seeing a decline in money flow The confluence of these factors suggests that BTC is gearing up for a big movement Bitcoin’s price action seen in recent times hasn’t been too exciting.

2020-4-22 02:00


Multi-Million Bitcoin ATM Scheme Exposes Holes in EU’s Money Laundering Net

Spain’s Guardia Civil (Civil Guard) police unit has indicated that current rules in Europe are inadequate with regards to discouraging the use of Bitcoin ATMs to launder money. According to Bloomberg, this deficiency results from the fact that the owners of the Bitcoin ATMs are not required by the strict AML regulations to vet users […] The post Multi-Million Bitcoin ATM Scheme Exposes Holes in EU’s Money Laundering Net appeared first on CCN Markets

2019-7-14 08:51


Multi-Million Bitcoin ATM Scheme Exposes Holes in EU's Money Laundering Net

Spain’s Guardia Civil (Civil Guard) police unit has indicated that current rules in Europe are inadequate with regards to discouraging the use of Bitcoin ATMs to launder money. According to Bloomberg, this deficiency results from the fact that the owners of the Bitcoin ATMs are not required by the strict AML regulations to vet users […] The post Multi-Million Bitcoin ATM Scheme Exposes Holes in EU's Money Laundering Net appeared first on CCN Markets

2019-7-13 08:51


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Former Head of ECB dropped Bitcoin (BTC)

The unexpected dropping of Bitcoin by almost 10% put the proponents of technical analysis in a difficult position. And the reason is most likely in fundamental factors, if verbal interventions can be considered as such.