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BIS' General Manager Criticized Bitcoin May Break Down Completely
Summary: Agustín Carstens, general manager of the Bank for International Settlements (BIS), told Hoover Institute that the destruction of cryptocurrencies is only a matter of time. He said: "Above all, investors must be cognizant that Bitcoin may well break down altogether. Scarcity and cryptography alone do not suffice to guarantee an exchange." Carstens also mentioned that ...
Agustín Carstens, general manager of the Bank for International Settlements (BIS), told Hoover Institute that the destruction of cryptocurrencies is only a matter of time.
He said: "Above all, investors must be cognizant that Bitcoin may well break down altogether. Scarcity and cryptography alone do not suffice to guarantee an exchange."
Carstens also mentioned that Bitcoin's heavy reliance on electricity has great side effects. If digital currencies have to exist, the central bank must play a key role to ensure the stability of value, the flexibility of the money supply, and the overall security of the system.
By Mary Liu
Tags: Agustin Carstens,Bank for International Settlements,Bitcoin,Cryptocurrency,Digital Currency
Link: BIS' General Manager Criticized Bitcoin May Break Down Completely [Copy]
