Cryptocurrency News

Bank of Japan governor pulled bitcoin, calling BTC a speculative asset

Bank of Japan Governor Haruhiko Kuroda has joined the roll call of central bankers targeting bitcoin (B T c) Between current volatility.

according to a Report good By Bloomberg on Friday, Kuroda argued against the value proposition of the largest crypto by market capitalization, stating:

“Most trade is speculative and volatility is exceptionally high. It is barely used as a means of settlement.”

The BOJ governor is criticized when bitcoin experienced a drop of more than 50% from its $ 64,000 historic high value milestone achieved in mid-April.

Indeed, many central bankers have taken the current price fluctuations of bitcoin as an opportunity to eliminate BTC and cryptocurrency in general.

Earlier in May, Louis de Guindos, vice-president of the European Central Bank, also expressed negative feelings about bitcoin. As previously reported by Cointegraph at the time, the ECB executive argued that Weak fundamentals of cryptocurrency were And did not qualify as an actual investment.

Recently, Lars Rohde, the governor of Denmark’s central bank, ruled out the possibility of cryptocurrency Threat to autonomy of the central bank. According to Rohde, legacy technology is the real competitor to gatekeepers of the finance sector, not crypto.

Also in May, Bank of England Governor Andrew Bailey warned that Crypto investors were responsible for losing all their money. However, as Tweeted By PlanB, the creator of the bitcoin stock-to-flow model, the long-term BTC “hodling” – the owner of bitcoin for at least 200 weeks (four years) – never led to a loss situation for the owners.

In fact, despite a 50% decline in bitcoin since mid-April, BTC is still up about 22% year-over-year and has returned four times the benefit for holders compared to the previous year. Billionaire hedge fund manager Ray Dalio has also indicated bitcoin to be one Better saving tool Compared to government bonds.

In addition to closing bitcoin, Kuroda also echoed the sentiments of other central bankers about the potential viability for stable stocks, as long as their issuers follow strict regulatory protocols.