Crypto Bubble Is “Collapsing” According To A ‘Coin Are Fairy Tales’ European Central Bank Policy Maker

Crypto Bubble Is “Collapsing” According To A European Central Bank Policy Maker

As per Ardo Hansson— Governor of Estonia’s Central Bank as well member of the Governing Council of the European Central Bank (ECB) — the global “crypto bubble” is now starting to visibly collapse with each passing day.

Not only that, during an appearance at a recent economic conference in Riga, Latvia, Hansson was quoted as saying that in the future, people will remember digital currencies as being a “complete boatload of nonsense.”

He then went on to add:

“I think we will come back a few years from now and say how could we ever have gotten into this situation where we believed this kind of a fairy-tale story.”

More On The Matter

While talking with a respected media outlet recently, Hansson stressed on the need to protect investors from the dangers that are inherently “existent within the crypto domain”. Further elaborating on his views, he then said that since altcoins can be very easily used for ‘illegal activities’, there needs to be increased financial regulation surrounding this burgeoning market sector.

Lastly, it is also worth pointing out that in November 2018, Executive Board member of the ECB ‘Benoit Coeure’ was quoted as saying that Bitcoin was the “evil spawn of the 2008 financial crisis”.

Final Take

In closing out this piece, it is worth contrasting Coeure’s above mentioned statements with those laid out by Valdis Dombrovskis (European Commission Vice President) who said that the EU was working to formulate a “regulatory map for the easier classification of crypto assets”.

Not only that, Dombrovskis had also proclaimed that cryptocurrencies were “here to stay,” and that the altcoin market as a whole would continue to grow irrespective of increasing bearish pressure from nefarious third-party agents.