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Bundesbank chief on Bitcoin: "As a central banker, I can only advise caution"

Because "there is only a mathematical algorithm" behind it, Bundesbank head Joachim Nagel can "only advise caution" with Bitcoin.

"Look at the price fluctuations, they should give anyone looking for a solid investment pause for thought, not to mention a means of payment! As a central banker, I can only advise caution," says Bundesbank President Joachim Nagel.

Because he considers Bitcoin to be a speculative bubble and there is "no authority like a central bank" behind it, Nagel has therefore never invested.

"As a central banker on the ECB Governing Council, my investment options are subject to strict rules. But even as a private investor, I wouldn't invest in crypto assets," he told Focus.

ECB Director General Ulrich Bindseil and ECB advisor Jürgen Schaaf are of a similar opinion. After the FTX collapse and the resulting Bitcoin correction, the two ECB employees published a report on November 30, 2022 entitled: "The Bitcoin [price] is on its way to irrelevance."

Since then, Bitcoin has risen by almost 500 percent.

Read here what the ECB employees are now demanding: ECB employees want to prevent Bitcoin price rise by law

Not only the two ECB authors are being criticized, Joachim Nagel is now also a target of the Bitcoin community on X: he has failed the intelligence test, says one user.

https://www.btc-echo.de/schlagzeilen/bundesbank-chef-bitcoin-hat-keinen-realen-gegenwert-198166/

www.btc-echo.deBundesbank-Chef: Bitcoin hat "keinen realen Gegenwert"

8 Commentaires

Brixxi@Brixxi13

They can't control it so they fear it 😅😅

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Schubi@Schubi74

A piece of paper also has no real equivalent value and only works for payment because it is agreed that it has a value. It is the same with Bitcoin, except that Bitcoin cannot be produced at will out of nothing by politicians who need money.

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TAHT@TAHT

His loss 🤷🏻

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shzzL@shzzL

The upward fluctuations in particular really worry me 😂

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Finanziell_frei_mit_48@Husar2

13H

He is right.

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ynnxs@ynnxs

I am no longer so convinced either. The distribution of BTC is so uneven and will become even more so over the next few years. The top 1% of BTC addresses already own 90% of the BTC market capitalization.
In the past, BTC whales have often used their power to move the price in a certain direction. As a result, small investors tend to make losses, which are then the profits of the whales.
In my opinion, however, the biggest problem is that it is a currency that does not create any added value itself. Profits can only be made through the losses of others. It's different with shares, because there are companies behind them that use the capital to increase it. Of course, there is a risk premium here, which is the speculative component of share profits. This means that there are speculative and corporate profits with shares. Many people invest their money with the idea that "my money should work for me". However, a currency does not work ;)

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