Bank of Japan Governor Haruhiko Kuroda has joined the criticism of bitcoin after its precipitous decline over the past couple of weeks.
He stated that most of the trading in the cryptocurrency industry is speculative and the volatility of Bitcoin is extremely high. Earlier, the chairman of the Federal Reserve System Jerome Powell (Jerome Powell) said that cryptocurrencies are just a vehicle for speculation. Vice President of the European Central Bank Luis de Guindos also believes that cryptocurrency tokens should not be considered for investment. Bank of England Governor Andrew Bailey warned that cryptocurrencies have no intrinsic value and that people should only buy them if they are willing to lose their money.
Haruhiko Kuroda singled out stablecoins among cryptocurrencies, which are tied to stocks of conventional currencies or physical goods. They are subject to less fluctuations than the prices of typical cryptocurrencies. He added that stablecoins must also meet legal standards in order for them to be a convenient payment option in the future.
On the other hand, billionaire investor and founder of investment firm Bridgewater Associates, Ray Dalio, said in a recent interview at the crypto conference Consensus that he prefers bitcoin over bonds, and also added that bitcoin could suppress financial control of states.
Bitcoin is currently worth about $ 35K.