The vice president of the European Central Bank (ECB) has said that investors are taking a ‘risk’ by buying bitcoin at its high price.
Speaking to CNBC on Wednesday, Vitor Constancio, said:
It’s a very particular asset, it’s a speculative asset by definition looking to the developments in its price. Investors are taking that risk of buying at such high prices.
European Central Bank (ECB) vice president Vitor Constancio has said that cryptocurrencies will never replace the fiat system.
According to a report from Reuters, Constancio said that they are a ‘misnomer’ and that they are merely a commodity used as a speculative asset. While he did concede that they had some use this was only in ‘very special circumstances’ such as in countries that were in an economic crisis.