BIS Head Finally Admits Cryptocurrency’s Technology is Changing the Face of Global Finance
- During a keynote address given by Agustin Carstens at Goethe University last year, the BIS Head went on record to state that Bitcoin is a “Ponzi scheme” that will eventually implode and leave a lot of its investors in the dark.
- Additionally, he has also been quoted as saying in the past that digital assets were a threat to the environment and that central banks need be extremely strict when “formulating a regulatory framework around such currencies”
Since its inception within the global finance arena around a decade back, there have been a number of prominent analysts/economists who have spoken out against Bitcoin and its associated altcoin offerings. For example, Agustin Carstens — General Manager at the Bank for International Settlement (BIS) — who was famous for his anti-crypto stance over the years seems to have softened his outlook on the growing asset class and was even quoted as saying recently that
“digital currencies have now become an integral part of the global economic landscape”.
Watch Agustín Carstens speak about digital currencies and blockchain with @RobSKaplan at the conference on technology-enabled disruption organised by @DallasFed @AtlantaFed & @RichmondFed pic.twitter.com/VArCoZWkzl
— Bank for International Settlements (@BIS_org) June 4, 2019
More on the Matter
As mentioned earlier, this is the first time the BIS topman has spoken positively about BTC as well as other alt-tokens available in the market today. Additionally, it should also be pointed out that in the past, Carstens has authored a number of anti-crypto articles that have been published across various reputable mainstream journals.
In this regard, it should be pointed out that the BIS chief has previously warned crypto developers and coders from “creating digital money” since, in his opinion, they were simply wasting their time.
Lastly, as per a statement published on the official company website around this time last year, the BIS head went on record to say:
“Even the great physicist Isaac Newton was at one point in his life obsessed with alchemy and the idea of making gold… After he failed in his attempt to make gold, he switched sides and sent counterfeiters to prison. So my message to young people would be: Stop trying to create money!”
Other Details Worth Highlighting
- Since the start of 2019, Carstens seems to have warmed up to the idea of digital currencies since earlier this year, the BIS GM stated that even though altcoins posed a great threat to the traditional financial system they were being “unfairly” targeted by various central banking institutions “just for the sake of it”.
- Carstens also believes that the introduction of a CBDC (central bank-backed digital currency) in the near future will have a positive on the “public’s appetite for money”.
In closing out this piece, we should mention that despite the crypto market incurring the wrath of many mainstream analysts over the past couple of years, premier altcoins such as ETH, BCH, BTC, EOS, TRX, XRP have continued to flourish and find new investors.