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Bitcoin Could Eventually Collapse, Swedish Central Banker Warns

CryptocurrencySep 09, 2021 06:09AM ET
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© Bloomberg. An employee selects the

(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.

Bitcoin Could Eventually Collapse, Swedish Central Banker Warns
 

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Comments (18)
bret lafrance
bret lafrance Sep 10, 2021 8:04AM ET
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Bitcoin's current Market Cap is nearly twice Sweden's GDP.
bret lafrance
bret lafrance Sep 10, 2021 7:35AM ET
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FUD - There are ten times as many stories of rich old men stuck in their ways ignoring innevitable change. "Mortimer, that new fangled airoplane thingy is just a fad, those wright brothers are fools, trains are the future". Those cellular thingies were never going to replace land lines either. Fools ignore change by convincing themselves that they are wise.
Ricardo Diogo
Rcd72 Sep 10, 2021 1:17AM ET
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warning! if there is no support the ground is not there....tulip still where something... crypto is as dense as vacuum
Volvo Lovers
Volvo Lovers Sep 10, 2021 1:17AM ET
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Clearly you did not research properly. Do your own and unbiased research, then talk
Yankee Stacking
Yankee Stacking Sep 10, 2021 12:04AM ET
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Truth.  Unfortunately regulations and CBDCs will spell the demise of crypto.
bret lafrance
bret lafrance Sep 10, 2021 12:04AM ET
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Flawed logic my friend - greater adoption of CBDC guarentees success of crypto
Joe Foster
Joe Foster Sep 09, 2021 7:26PM ET
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Oh snap, a bankster said it, it has to be true.
Mike Rice
Mike Rice Sep 09, 2021 6:08PM ET
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Explain, someone, how just creating the stuff could eat up the entire electricity production in several major countries.  This appears to be how Bitcoin is created.  But that borders on Alchemy.  Bitcoin created by massive electricity use would have to be something like mining gold or uranium.  Is what's produced with this alchemy valuable in its own right, or just so impossible to bring off, that the process or bitcoin itself becomes valuable due to the difficulty of creating IT?  It's like all the major artworks from Picasso to Van Gogh yielding up their net worth to underpin a wealth generated by the sheer shortages of such valuable paintings in the world!  That's my DREAMED UP SCENARIO, CAN SOMEONE GIVE ME THE REAL REASON BITCOIN MINING PRODUCES VALUE?!
David Williams
David Williams Sep 09, 2021 6:08PM ET
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Government backed currency is the only true value instrument. Bitcoin is just a fad, like pogs, or Beanie Babies.  But I like Bitcoin. I can offer you a one hundred trillion dollar banknote, backed by the Reserve Bank of Zimbabwe in exchange for one Bitcoin.   Or, I could offer you $30,000 in dollar banknotes, backed by the US Federal Reserve for one Bitcoin.  And I would happily exchange my one hundred thousand Venezuelan Bolivar Soberano note for one Bitcoin. This is a limited time offer.
James Hilliard
James Hilliard Sep 09, 2021 4:51PM ET
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I can print stamps and dollars. I can grow tulips. I can't mint any bitcoin. please help.
Ralph Lynch
Ralph Lynch Sep 09, 2021 1:30PM ET
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Stamps?  Nah, tulips.
Simon Hook
Simon Hook Sep 09, 2021 12:59PM ET
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I am a crypto currency trader
Congressive Online
Congressive Online Sep 09, 2021 12:45PM ET
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Swedish Central Banks could eventually collapse.  In fact, recent history shows it is more likely than a bitcoin collapse.
David Williams
David Williams Sep 09, 2021 12:45PM ET
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In the last fifty years, the Swedish Krona has lost 87% of its purchasing value. The trend is obvious.
David Williams
David Williams Sep 09, 2021 12:45PM ET
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In the last fifty years, the Swedish Krona has lost 87% of its purchasing value. The trend is obvious.
Congressive Online
Congressive Online Sep 09, 2021 12:45PM ET
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Swedish Central Banks could eventually collapse.  In fact, recent history shows it is more likely than a bitcoin collapse.
Billy DD
Billy DD Sep 09, 2021 11:33AM ET
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There is no context to this opinion. This is just a article with emphasis purely on the title or headline. It may be right or not, who knows but this is trash journalism.
Simon Hook
Simon Hook Sep 09, 2021 11:33AM ET
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Are you interested I am a crypto currency trader
Simon Hook
Simon Hook Sep 09, 2021 11:33AM ET
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And I am also into Bitcoin mining I have the experience to make a profit Within 7 days it all depends on how much you are willing to invest. Feel free to ask me any questions.
Simon Hook
Simon Hook Sep 09, 2021 11:33AM ET
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You can follow me up on my mail if you are interested. I can assure you of your profit.
Michael Roal Casa
Michael Roal Casa Sep 09, 2021 10:59AM ET
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narco/criminal organizations use bitcoin, so it can collapse
Chris Hoebeke
Chris Hoebeke Sep 09, 2021 10:14AM ET
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I won't prognosticate on the future of Bitcoin, but it has always been government money that "collapses sooner or later." Private money "without government backing" -- in the form of precious metals -- have been what the people return to after governments have run their currencies into the ground. This has been so for thousands of years, but you can't expect Central Bankers to know that.
Pan Glos
Pan Glos Sep 09, 2021 10:14AM ET
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Spot on, but the central banksters certainly do know, which is why they manipulate hard assets.
Stephen Fa
Stephen Fa Sep 09, 2021 10:14AM ET
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crypto assets a lot easier to travel with
chukwuma ememe
chukwuma ememe Sep 09, 2021 9:25AM ET
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why are the Bankers very much pessimistic on success of a new technology, instead of analysing and improving on their not too impressive age long system. The time spent on arguments could be well spent on perfection and improving or alternatively marrying the new bride than whining and crying. Old wine skin must give way to the new or coexist!
ugur timsah
ugur timsah Sep 09, 2021 8:31AM ET
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Financial system has been crushed for a longtime, it is a ghost system
Dave Turgeon
Dave Turgeon Sep 09, 2021 8:23AM ET
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The institutions spread FUD (Fear, Uncertainty, and Doubt) about Bitcoin and Crypto in general to drive prices down, so they can fill up their bags for cheap.   They don't want us retail investors to have a seat at the table.  Wake up!   The same banks that are warning of impending doom are the ones buying when you peek behind the curtain.
Rosy Glasses
Rosy Glasses Sep 09, 2021 8:23AM ET
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It could just be that they want to preserve their jobs and they know crypto will eventually put them out of business.
Rosy Glasses
Rosy Glasses Sep 09, 2021 8:23AM ET
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It could just be that they want to preserve their jobs and they know crypto will eventually put them out of business.
Indah Sulistyarini
Indah Sulistyarini Sep 09, 2021 7:15AM ET
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yeah yeah collapse but Jp Morgans and Rothschild enter can u explain that
 
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