🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Bitcoin Could Eventually Collapse, Swedish Central Banker Warns

Published 09/09/2021, 05:49 AM
Updated 09/09/2021, 06:09 AM
© Bloomberg. An employee selects the
BTC/USD
-

(Bloomberg) -- The governor of Sweden’s central bank compared buying and selling Bitcoins to trading stamps, questioning the staying power of currencies without government backing.

“Private money usually collapses sooner or later,” Riksbank Governor Stefan Ingves said at a banking conference in Stockholm. “And sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.

While Bitcoin has gained from endorsements by the likes of Elon Musk and Cathie Wood of Ark Investment Management, some central bankers have compared to the tulip bubble of the 17th century, which ended in collapse.

Ingves said earlier this year that Bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight as their popularity grows. 

 

©2021 Bloomberg L.P.

© Bloomberg. An employee selects the

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.