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/