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HomeNewsSweden's central bank chief warns: Bitcoin "could collapse" | 23.09.21

Sweden’s central bank chief warns: Bitcoin “could collapse” | 23.09.21

• Sweden’s central bank chief predicts Bitcoin crash
• Trading in Bitcoin “is comparable to trading in postage stamps”
• Attitudes towards Bitcoin & Co. very different

Riksbank governor predicts Bitcoin crash

At a banking conference in Stockholm, the head of the Swedish central bank, Stefan Ingves, recently expressed himself critical of Bitcoin. He warned that the value of the largest crypto currency could collapse drastically and questioned the stability of currencies without government support: “Private currencies usually collapse sooner or later”. He also compared buying and selling bitcoins to trading postage stamps: “And sure, you can get rich trading Bitcoin, but it’s comparable to trading postage stamps,” Bloomberg quotes the Riksbank governor.

Contrary opinions about Bitcoin & Co.

The attitudes towards digital currencies and Bitcoin in particular are generally very contrary. While numerous crypto fans are convinced that Bitcoin & Co. are the future, these coins are also being scrutinized more and more closely by supervisory authorities around the world. In any case, a lot is happening in the world of cryptocurrencies.


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For example, El Salvador recently – as the first country in the world – officially introduced Bitcoin as a legal currency. In China, on the other hand, there are increasing opposition to Bitcoin & Co .: Cryptocurrencies “are not legal offers and have no real value support,” says the magazine Futurism as quoting Yin Youping, the deputy director of the Office for Financial Consumer Protection of the People’s Bank of China.

Meanwhile, more and more governments are discussing the possibility of introducing their own centralized and state-supported digital currencies. The Bank of England’s fintech director said at a conference last month, “Bitcoin, given its poor performance and energy efficiency, is in no way a relevant comparison of the kind of technology we could use in a central bank digital currency,” said CoinDesk. The Swedish Riksbank itself is currently investigating the possibility of issuing its own digital alternative to cash, the so-called e-krona. So far, however, no final decision has been made in this regard. editorial team

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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