The Bitcoin (BTC) FUD train has continued to chug along. This time, the European Central Bank’s former president Jean-Claude Trichet has cast doubt on cryptocurrencies, bashing assets that many say have the potential to usurp the system he used to work for.
Not a Real Currency
Speaking at Caixin’s 10th annual conference in Beijing, Trichet asserted that he is “strongly against Bitcoin,” adding that society is a “little complacent” in believing that cryptocurrencies have substance. “The [crypto]currency itself is not real, with the characteristics that a currency must have,” he asserted, echoing the sentiment pushed by billionaire investor Warren Buffet and others.
He added that buying cryptocurrencies is often a more of “pure speculation,” before quipping that the speculative nature of this market “is not healthy.”
Need for Bitcoin Growing
While this incumbent of traditional finance is bashing Bitcoin as a non-currency, the underlying need for the cryptocurrency is seemingly bigger than ever. Read More...