Bitcoin isn’t a currency: Bank of France Governor

The governor of the Bank of France, Francois Villeroy de Galhau, has called Bitcoin is a speculative asset. Villeroy also warned those pondering over investing in Bitcoin, stating that those who do, do so entirely at their ‘own risk.’

Speaking at a conference in Beijing, the 58-year-old Villeroy, dismissed that Bitcoin as a currency, saying that “it is neither a currency nor a cryptocurrency.” The chief of French central bank further added that the value and volatility of the digital currency have no economic basis.

The digital currency’s rising value has attracted the attention of various mainstream financial institutions. Villeroy’s statement mimics Vitor Constancio, the vice president of the European Central Bank, who said that investors are risking money buying Bitcoin at current prices.

Goldman Sachs’ CEO, Lloyd Blankfein, has changed his stance on the digital currency from a neutral position earlier. On Bitcoin’s rise to $10,000, Blankfein asserted that it is a ‘vehicle to penetrate fraud.’ Earlier, he had said that he was not okay with it but is ‘open‘ to the idea of it. Dimon, JPMorgan Chase CEO, had expressed the similar feelings towards Bitcoin earlier in September, calling it ‘a fraud’.

Bitcoin hit a record above $11,400 on Wednesday, but soon lost 20% of its value in the next 24 hours. The crypto currency clawed its way back up reportedly after the announcement by CME Group who is to launch its Bitcoin futures on the 18th December. As of now, the value of one Bitcoin stands at $11,079.10.

This has been a tremendous year for crypto currency market, which has appreciated by more than 5,000% since January. In the past week alone, the total crypto currency market cap has grown by more than $60 billion — a milestone it had reached for the first time in May 2017. In just six months, the crypto market cap has witnessed a five fold increase now standing at $305.1 billion.

 

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