JAKARTA – In the midst of the booming crypto currency in the world, a number of parties view the future of cryptocurrency pessimistically. Some time ago, European Central Bank President Christine Lagarde ridiculed crypto by saying that the digital asset would not become a currency.
Recently, the Governor of the Central Bank of Sweden Stefan Ingves assessed cryptocurrencies will collapse. Although crypto can make people rich quickly, Ingves said crypto will fail, sooner or later. He also calls bitcoin cs like stamp trading.
“Private money usually collapses sooner or later,” said Ingves.
“Of course you can get rich trading Bitcoin, but it's the equivalent of trading stamps,” he added.
However, the Governor of the Central Bank of Mexico, Alejandro Diaz, considered that at best bitcoin could only be a means of barter and would not be legal tender. Diaz said that the price of bitcoin is very volatile and cannot be a store of value.
“People certainly don't want their purchasing power, their salary to go up or down 10 percent from day to day. You don't want that purchasing power volatility. In this case, bitcoin and the like are not good hedges," Diaz said.
Despite the news of El Salvador which became the world's spotlight after adopting bitcoin as the country's official currency, a number of central banks from around the world did not seem to want bitcoin cs to replace the current monetary system.
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