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Bitcoin Could Eventually Collapse, Swedish Central Banker Warns

Cryptocurrency Sep 09, 2021 06:09AM ET
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(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 (16)
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.
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.
 
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