BIS: BTC is “Bubble, Ponzi, An Environmental Disaster”

The general manager of the Bank for International Settlements Agustin Carstens сriticizes about cryptocurrencies and "novel technology"
07 February 2018   889

The general manager of the Bank for International Settlements (BIS), the "central bank of all central banks," Agustin Carstens, severely criticized bitcoin and other crypto-currencies as unattractive technology and an inconsistent payment system. This is reported by CCN.

Novel technology is not the same as better technology or better economics. That is clearly the case with Bitcoin: while perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster.
 

Agustin Carstens

The general manager, Bank for International Settlements

He urged regulators around the world to put pressure on the cryptocurrency industry, so it did not undermine people's confidence in central banks. 

Authorities are edging closer and closer to clamping down to contain the risks related to cryptocurrencies. There is a strong case for policy intervention [intended to] safeguard payment systems.
 

Agustin Carstens

The general manager, Bank for International Settlements

In his opinion, if it does not deprive the industry of "oxygen", regulators will always be able to tip the scales in their favor. At the same time, Carstens said that digital currencies are actively used for illegal activities. 

SEC to Start VanEck-SolidX BTC-ETF Consideration

Starting today, the 45-day countdown to the SEC initial decision was launched
20 February 2019   98

For the first time since August of last year, two proposals on the creation of a Bitcoin-ETF are under consideration by the US Securities and Exchange Commission (SEC).

The application of VanEck and SolidX, issued in cooperation with the Cboe BZX exchange, as expected, was included in the Federal Register issue this Wednesday, with which the 45-day countdown to the SEC initial decision was launched. The application of Bitwise Asset Management and NYSE Arca was published last week.

I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.
 

Gabor Gurbacs

Director of digital asset strategy, VanEck

The head of Bitwise’s research department, Matt Hogan, believes that not only firms that have submitted bids to create Bitcoin-ETFs are looking for approvals, but and the entire “extremely fast-growing” crypto industry.

A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.
 

Matt Hougan

Global head of research, Bitwise

 As reported, ultimately, however, a bitcoin ETF approval will depend on how companies approach their proposals.