New Philippines Central Bank Governor: Crypto Investors Are Adherents of the Greater Fool Theory

New Philippines Central Bank Governor: Crypto Investors Are Adherents of the Greater Fool Theory


The incoming governor of the Philippine central bank, Felipe Medalla, has suggested that people that invest in cryptocurrencies like bitcoin are adherents of the Greater Fool Theory. He also argued that people investing in cryptocurrencies are doing so because they want to “hide their money from the government.”

A ‘Very Scary’ Investment Strategy

The new governor of Bangko Sentral ng Pilipinas (BSP), Felipe Medalla, has claimed that bitcoin investors only buy the cryptocurrency because they are convinced that someone else will buy the same digital asset at a higher price. According to Medalla, who spoke at a virtual roundtable discussion that was organized by a local media outlet, such an investment strategy is “very scary.”

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Also, as reported in Business World, Medalla believes the value

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