Technology

Boston Fed President: ‘The Bitcoin craze won’t last long’


Eric Rosengren, chairman of the Federal Reserve Bank of Boston, predicts that the Bitcoin bubble will soon crumble because the cryptocurrency has no long-term value.

Interview The New York Times February 20, Boston Fed President Eric Rosengren said that Bitcoin’s continuous rally will sooner or later end. “Personally, I was quite surprised that the Bitcoin price is still soaring,” said Mr Rosengren.

Show Bitcoin are being traded at more close range 56,000 USD/copper. Bitcoin market capitalization has surpassed the mark 1,000 billion USD. However, Mr. Rosengren said that Bitcoin has no value in the long term.

“I predict some central banks around the world will own mainstream cryptocurrencies in the future. By then, people will no longer use Bitcoin,” said the president of the Boston Fed.

Bitcoin will not stick to you 1

Bitcoin price is approaching 56,000 USD / dong. Photo: Coin Desk.

“Over time, the price of Bitcoin will be under greater pressure,” predicted Rosengren. The Boston Fed President said China and Sweden will announce their official cryptocurrencies in the future. The Boston Fed is also working on this solution in the US.

Over time, a number of central banks have been experimenting with using cryptocurrencies. Last year, the Bahamas central bank introduced the Sand Dollar, a cryptocurrency.

Follow Zing / The New York Times

What test for the market after Bitcoin’s new wave?

Harley Bassman, from Simplify Asset Management, argues that Bitcoin is not currently an efficient payment method for high volume transactions.

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