Enemy of Bitcoin, the Central Bank of Japan Called Bitcoin Nothing More than a Speculative Asset
Haruhiko Kuroda, governor of the Bank of Japan (BOJ), has joined the central bank aiming at Bitcoin (BTC) amid the current volatility. The BOJ governor’s criticism came as Bitcoin drew more than 50% of its all-time high of $ 64,000 reached in mid-April.
Indeed, some central bankers have taken the current Bitcoin price sway as an opportunity to slam BTC and cryptocurrency in general. You can get referal code for trading here bitcoinxxo.com
Earlier in May, Luis de Guindos, vice president of the European Central Bank (ECB), also expressed negative sentiment about Bitcoin. As reported by Cointelegraph at the time, ECB executives argued that cryptocurrencies have weak fundamentals and do not qualify as real investments.
Recently, Lars Rohde, governor of the Danish central bank, brushed aside the possibility of a cryptocurrency threatening the central bank’s autonomy. According to Rohde, big technology, not crypto, is a real competitor to the gatekeepers of the old financial arena.
Also in May, Andrew Bailey, governor of the Bank of England, warned that crypto investors could lose all their money. However, as tweeted by PlanB, the creator of the Bitcoin stock-to-flow model, the long-term “hodling” BTC – owning Bitcoin for at least 200 weeks (four years) – has never resulted in a loss for its owner.
In fact, even though Bitcoin has fallen by 50% since mid-April, BTC is still up about 22% year-to-date and has returned quadrupled profits to its holders over the past year. Billionaire hedge fund manager Ray Dalio even calls Bitcoin a better savings instrument than government bonds.
Apart from criticizing Bitcoin, Kuroda also echoed other central bank sentiments regarding the potential viability of stablecoins as long as their issuers adhere to strict regulatory protocols.