Sweden’s Central Bank Governor Warns of Bitcoin Collapse, Says BTC Is Like ‘Trading Stamps’

Sweden’s Central Bank Governor Warns of Bitcoin Collapse, Says BTC Is Like ‘Trading Stamps’


The governor of Sveriges Riksbank, Sweden’s central bank, is skeptical of Bitcoin and foresees a potential collapse looming in the flagship crypto’s future.

During a banking conference in Stockholm, Stefan Ingves says that private money like Bitcoin and other cryptocurrencies “usually collapses sooner or later” as they don’t have the backing of a government

 

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Ingves highlights that while one can get rich trading Bitcoin, he says that it is comparable to trading stamps.

Gabriel Makhlouf, governor of the central bank of Ireland, shares the same sentiments. Earlier this year, he said he was against putting personal funds into crypto, comparing supporters to those that “put money into tulips because they thought it was an investment.”

Meanwhile, another central banker is a bit more optimistic about the rise of crypto. Benoît Cœuré, the head of the innovation hub at the Bank for International Settlements (BIS), says crypto assets pose a threat to existing banking models.

“Stablecoins are knocking on

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