Sweden’s banking chief dismisses Bitcoin as ‘stamp trading’

Stefan Ingves (the governor of Sweden’s central banks) has not given Bitcoin much thought.

Ingves stated that private money often collapses sooner than expected at a Stockholm banking conference. Ingves said that trading in Bitcoin was a way to make money, but it is not as easy as trading in stamps.

Ingves, the governor of Sveriges Riksbank, recently stated that Bitcoin and other cryptocurrency are unlikely to be exempted from regulatory oversight as they grow in popularity.

Wael Makarem is a senior market strategist at Swedish trading broker Exness and believes that the Scandinavian nation views cryptocurrency’s volatility with trepidation.

He stated that investors are concerned about current volatility in Bitcoin and Ethereum. This is especially because these benchmarks have not been able to reduce losses in the past, which is often considered a sign weakness in the crypto market.

“On the other side, headlines about EU regulators moving closer to implementing new regulations regarding cryptocurrencies, anti-money laundering rules, and tax reporting requirements adds downward pressure.

Makarem said that investors are also afraid of strict rules and regulations that could restrict the adoption or use digital assets.

Europe is still skeptical about crypto

Ingves’s remarks are generally in line what other central banks have said about cryptocurrency. Gabriel Makhlouf, governor of the Central Bank of Ireland, stated that Bitcoin investors should be ready to lose all of their money in February.

He said, “Personally, I wouldn’t put my cash into it, but clearly some people think it’s a good investment.”

“People invest money in tulips to make an investment.”

Andrew Bailey, the Bank of England Governor, stated that cryptocurrency had no intrinsic value, and could crash to zero.