he is the head of the Bank of International Settlements (BIS), he said that crypto is a bubble and a Ponzi scheme that can create environmental damage. he also said that crypto does not have a positive potential to be a currency.
he also told and influence to the youth to stop creating money. he also said that the Bank provides electronic payment instruments for the future instead of crypto.
please share your opinion on this topic here!
First of all, Warren Buffet doesn't necessarily reject crypto. I think that his main point is that bitcoin is not an investment, because it doesn't generate returns on equity like what businesses do, and have an actual operating business model. He has said the same thing regarding gold as an investment.
What Carsten has said though is somewhat different. Apart from the bubble accusation, which would be true if applied to a 2017 context, what he's saying is purely stuff that has been debunked over and over again, yet people still seem to be pushing. The environmental and ponzi accusations have been repeated over and over already.
Also, I think it's interesting that he essentially admits bitcoin has the transaction processing capability, whilst denying that there is any value to a system that can do this in a decentralised way. Of course though, it is important to see the reason why he may have made these comments - there is an obvious conflict of interest in terms of what the BIS is doing, and what settlements on decentralised blockchains like bitcoin can do.
