16.09.202123:31 Forex Analysis & Reviews: The head of the Bank of Mexico calls Bitcoin the best financial instrument of the future, and the governor of the Swedish bank Riksbank, Stefan Ingves, compared BTC trading to trade in stamps

Exchange Rates 16.09.2021 analysis

Riksbank Governor Stefan Ingves drew a parallel between buying and selling branded bitcoin and questioned the longevity of the crypto market without proper regulation and government support. The governor of the Swedish bank Stefan Ingves believes that sooner or later, you can go bankrupt and remain at a broken trough.

At first, you might get rich trading bitcoin, but that is comparable to trading stamps. Earlier this year, Stefan Ingves made it clear that cryptocurrencies will not be able to escape tight control from regulators such as the Securities and Exchange Commission due to their demand.

The odious billionaire investor Leon Cooperman is also skeptical about bitcoin, calling it a pointless bubble. Cooperman says that if you don't know what bitcoin is and what value it has to people, then you are old.

"I'm 78 years old, it turns out that I'm old, so I still don't understand what value this cryptocurrency represents".

Cooperman is confident that gold is the best asset to store his savings, and also the best protective asset against inflation. However, Cooperman himself also does not own gold, since he completely keeps all his savings in fiat and believes only in the dollar and its prosperity.

The US government is not interested in bitcoin, so Cooperman believes that bitcoin may soon be very much pressed. However, there are also positive statements. Unlike Cooperman and Ingves, the head of the Bank of Mexico Banxico called bitcoin a financial instrument of the future.

"This is not just money, bitcoin is more like a means of barter. However, it is unlikely that it can be adopted at the legislative level and considered a legal tender in any country."

The head of the Mexican bank is sure. that in order for cryptocurrency to be considered, bitcoin must become a proven and reliable payment method. Be resistant to market crashes, be less volatile.

This statement by the head of the Mexican bank appeared after El Salvador adopted Bitcoin as a payment at the legislative level. Panama is also in the process of digitalization and transition to digital money.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Vitaly Kolesnikov,
Analytical expert of InstaForex
© 2007-2021
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