Wednesday, April 24, 2024
HomeBusinessBank of Japan governor bashes Bitcoin, calls it “speculative” By BTC Peers

Bank of Japan governor bashes Bitcoin, calls it “speculative” By BTC Peers


Related stories

Transforming Spaces with Elegance and Functionality

In the region of indoor format, curtains play a...

What is Ultrasonic Technology?

At its coronary heart, ultrasonic generation is all approximately...

Dive Deeper into Penetration Testing

The significance of penetration testing companies is undeniable due...

Buying Real Estate: Cash Or Financing- New England Home Buyers

You’re ready to buy your first rental property. One...

The Luck of the Draw: Gambling Superstitions and Rituals from Across the Globe

Gambling is one of the most superstition-laden activities in...


© Reuters. Bank of Japan governor bashes Bitcoin, calls it “speculative”

Bank of Japan governor Haruhiko Kuroda has questioned Bitcoin’s usefulness as a medium of exchange and an investment option.

While speaking during an interview, Kuroda said that “most of the trading is speculative and volatility is extraordinarily high,” Bloomberg wrote. According to the governor, is barely used as a means of payment. However, the data speaks otherwise.

On-chain data from YCharts reveals that Bitcoin had over 218,000 individual transactions on Friday. This is nearly half of its peak value of 398,000 in January this year. These numbers are a fry cry from though, the world’s most-used blockchain. The Ethereum network settled over 1.3 million on-chain transactions on May 28.

Kuroda is not the only bank official to have expressed his disapproval of Bitcoin. His remarks are similar to comments by his peers. For instance, in April, Federal Reserve Chair Jerome Powell said that digital assets were simply vehicles for speculation. Similarly, in February, the Bank of Korea Governor Lee Ju-yeol claimed that cryptocurrencies had no intrinsic value.

As previously reported by BTC PEERS, the Bank of England Governor Andrew Bailey has repeatedly preached doom for Bitcoin. He has made several arguments warning of Bitcoin’s lack of intrinsic value and admonished investors to only buy if they are prepared to lose their money.

Bitcoin’s volatilitySpeaking of Bitcoin, the price of the digital asset has been on a roller-coaster lately. After plunging below $50k about a week ago, Bitcoin managed to reclaim $40k over the past week but has now fallen back to the $33k region, as of press time.

See also  As grocery startups bag billions from VCs, consolidation could be next

The token took a hard knock following a revelation that China’s State Council will curtail mining and trading activities. Meanwhile, earlier sell-offs were initiated by Elon Musk, who did a 180-degrees turn to criticize Bitcoin over its energy usage during mining.

Kuroda approves stablecoinsWhile the governor may be against Bitcoin, he voiced his support for stablecoins. Stablecoins are cryptocurrencies that have assets backing their value. Kuroda was quick to add that these assets must conform to legal standards and healthy governance codes to become a convenient payment option in the future.

To a large extent, Japan has been maintained a favorable stance toward the public usage of cryptocurrencies and crypto businesses like wallets and exchange services. On the flip side, reports suggest that the country is already testing its digital yen in a sandbox environment.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

See also  Inventory Security: Protecting Your Assets from Theft and Damage


Source link

Bellie Brown
Bellie Brown
Hi my lovely readers, I am Bellie brown editor and writer of I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting

Latest stories