Trading bitcoin is like trading stamps and the cryptocurrency may 'collapse,' Sweden's central bank governor says
- Sweden's top central banker said
bitcointrading was like dealing in stampsand suggested that it could crash.
- Ingves's comments are broadly in line with what other central bankers have said about bitcoin and
- In February, Ireland's central bank governor Gabriel Makhlouf said bitcoin investors should be ready to lose all their money.
AdvertisementSweden's top central banker said bitcoin trading was like dealing in stamps and suggested that non-official money will eventually fail one way or another, according to a report from Bloomberg.
"Private money usually collapses sooner or later,"
Ingves's comments are broadly in line with what other central bankers have said about bitcoin and crypto. In February, Ireland's central bank governor Gabriel Makhlouf said bitcoin investors should be ready to lose all their money.
"Personally, I wouldn't put my money into it, but clearly, some people think it's a good bet," Makhlouf said. "Three hundred years ago, people put money into tulips because they thought it was an investment."
Likewise, in May, Bank of England governor Andrew Bailey said cryptocurrencies have no intrinsic value and may crash to zero.
"I'm sorry, I'm going to say this very bluntly again: buy them only if you're prepared to lose all your money," Bailey said as dogecoin was surging to new heights.
The Federal Reserve has said it is researching the pros and cons of creating a
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