Bitcoin Fascination Feels Like ‘Speculative Mania,’ RBA Says
- RBA chief joins central bank criticism of cryptocurrencies
- Lowe says Bitcoin more attractive to criminals than consumers
Winklevoss Twins Say Bitcoin Futures Are the Starting Gun
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Australia’s central bank chief added his voice to growing criticism of bitcoin, saying the cryptocurrency that’s soared more than 17-fold this year is more likely to appeal to criminals than consumers.
“When thought of purely as a payment instrument, it seems more likely to be attractive to those who want to make transactions in the black or illegal economy, rather than everyday transactions,” Reserve Bank of Australia Governor Philip Lowe said in a speech in Sydney Wednesday. “So the current fascination with these currencies feels more like a speculative mania than it has to do with their use as an efficient and convenient form of electronic payment.”