Bitcoin price is pure speculation’ Bank of Austria chief attacks popular cryptocurrency
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HomeFinanceCity & Business‘Bitcoin price is pure speculation’ Bank of Austria chief attacks popular cryptocurrency
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‘Bitcoin price is pure speculation’ Bank of Austria chief attacks popular cryptocurrency
BITCOIN’S price volatility is a pedigree of the rampant trader speculation which has fuelled the rise of the cryptocurrency, according to a top member of the Governing Board of the Austrian National Bank.
By SEBASTIAN KETTLEY
PUBLISHED: 14:53, Sat, Feb 10, 2018 | UPDATED: 16:51, Sat, Feb 10, 2018
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Kurt Pribil did not mince his words when he explained his theory as to why many banks have taken a hardline stance against cryptocurrencies and bitcoin in particular.
The banking chief explained his “unambiguous position”, underlining that the way he sees it, cryptocurrencies have no inherent value behind them.
Mr Pribil said: “Bitcoin etc. are by no means currencies, because there is definitely no real value.
“These so-called cryptocurrencies are pure speculative objects.”
Bitcoin prices were up on Saturday, bouncing back after plunging below $6,000 for the first time in months.
The token opened at $8,689.84 and has so far maintained a stable price level as of 2.31pm GMT, according to the CoinDesk price tracker.
In the wake of the February price crash, crypto traders and investors have speculated whether or not the so-called bitcoin bubble had begun to burst.
But Mr Pribil was not entirely convinced this was the case, though he admitted such a scenario is still a possibility.
The banking chief said: “Currently, prices are falling sharply, we cannot say whether the bubble will burst. But the danger exists.
Shares and bonds are also volatile, but there are values behind them – there is only greed and the principle of hope behind bitcoin.
There is only greed and the principle of hope behind bitcoin
Kurt Pribil, Austrian National Bank
“As far as blockchain technology is concerned, there could be areas of application, for example in land register transfers or in the area of securities settlements.
“But we do not see this for payments and, above all, bulk payments.”
Mr Pribil also expressed his concerns about the technical limitations of the virtual token’s use as a currency.