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Bank for International Payments: Bitcoin May Crash
By: Mert Akdogan - January 29, 2021
bis bitcoin
BIS General Manager Agustin Carstens stated that Bitcoin is ultimately a risky investment; He stated that CBDCs are healthier.
Summary of the News
Agustin Carstens, General Manager of the Bank for International Settlements, said that Bitcoin is risky.
Carsten argued that central bank digital currencies (CBDC) are a much healthier digital currency.
This is not the first time Carstens has warned investors to stay away from Bitcoin.
Bitcoin "could collapse at any time", according to the CEO of the Bank for International Settlements (BIS) today. For this reason, it is a risky investment type.
Bitcoin Vulnerable to Attacks According to BIS
BIS, which serves central banks, announced that only central banks should issue digital currency.
In a speech for the Hoover Institute, BIS Managing Director Agustin Carstens said that Bitcoin has reached the maximum supply level of 21 million tokens and has become vulnerable to attacks.
Carsten Said Bitcoin Was A "Bubble" In 2018
Carstens has made harsh statements about Bitcoin before. In 2018, the leader described the cryptocurrency as "a combination of the bubble, the pyramid chain and environmental disaster. Carstens also said stablecoins are problematic because a private agency has been held responsible for supporting the asset.
On the other hand, central banks continue to work on digital currencies. BIS also manages research and support processes on the subject. "If there is a need for digital currencies, only the central banks should be the institutions that will issue them," BIS officials made a statement on the subject. said.
Governments around the world are researching their own CBDCs, which are digital versions of their official currencies. Some governments have even started testing. The Bahamas started publishing a CBDC last year; On the other hand, China is also actively using the digital yuan.
