Bitcoin could collapse, warns Central Bank of Sweden

Bitcoin could collapse, warns Central Bank of Sweden

The Swedish Parliament (Riksdag) beside the Riksbank Bridge (Central Bank of Sweden).

Sweden’s central bank governor compared the Bitcoin market to commercial stamps, questioning the staying power of coins without government support.

“Private money usually collapses sooner or later.” he said the governor of Riksbank (Swedish Central Bank), Stefan Ingves, at a banking conference in Stockholm. “And of course you can get rich trading bitcoin, but it’s comparable to trading stamps.”

While Bitcoin has gained from the endorsement of names like Elon Musk and Cathie Wood of Ark Investment Management, some central bankers have compared the bubble to 17th-century tulips.

The rise of Bitcoin, however, is caused by the problem of the need for trust in central banks. It’s no surprise that its increased adoption and resistance to censorship bother bankers.

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

But what is your opinion about the warning of the BC governor of Sweden? Let us know by answering the following poll we posted on Twitter:

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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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