RBS Chairman Sir Howard Davies has warned the cryptocurrency is in a “frothy investment bubble”, saying “it’s hard to see any solid rationale for that move,” as the cryptocurrency hit $15,000 this morning. Davies lamented the fact that central banks can only dissuade users from using bitcoin:
“All the authorities can do is put up the sign from Dante’s Inferno – ‘Abandon hope all ye who enter here’.
That’s what’s needed, and it need to done by the Federal Reserve, the SEC, and the Bank of England and the European Central Bank at the same time.”
Sir Howard Davies, RBS Chairman
Previously Nobel Laureate Joseph Stiglitz has gone so far to say the cryptocurrency should be “outlawed” as “it doesn’t serve any socially useful function. Davies thinks this is unlikely but firmly warns against investing in bitcoin.
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