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Governor of Bank of Japan Says Bitcoin is not a Currency

Governor of Bank of Japan Says Bitcoin is not a Currency

The Governor of Bank of Japan, Haruhiko Kuroda, has recently expressed his doubts about the Bitcoin as a currency now as well as in the future. His opinions are based on several different things with the Bitcoin, but there's no doubt that the Mt.Gox scandal in Japan hasn't helped his point of view of the cryptocurrency.

“Without safety or stability in its value, there would be no demand. In that sense, it cannot be a currency,” Kuroda said and added  ”It is not a currency, and I don’t think it is a general means of settlement,”

Another major issue the Governor sees with the Bitcoin is it's extremely volatile nature, which seems to be out of control. The Bitcoin went from $200 to over $1,000 within a couple of months and then down to its current value of around $450 just as fast. While some suggest that volatility will decrease or completely go away as soon as the cryptocurrency is accepted by more merchants and become easily accessible through ATM's and similar, it's more likely that the Bitcoin will continue its volatile nature for a long period of time still.

However if the Bitcoin can avoid any more scandals and thefts similar to the one from Mt.Gox, it may end up becoming more respected by the common person and thus stabilize the value as it will no longer be a majority of traders owning the coins. 

News by Daniel Allermand
Daniel Allermand - Reporter

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.


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