Italian Central Bank: Bitcoin is a soap bubble suspended in the air

A relatively critical statement about Bitcoin has been made by the general director of the main financial regulator of Italy and the respected professor of economy.

"Bitcoin is a soap suspended in the air. Bitcoin, and in general all cryptocurrencies, will never be able to perform a monetary function unless humanity wants to commit suicide, since a currency with constantly fluctuating value is a suicide," Italian Central Bank Director General Salvatore Rossi told at the presentation of his book called Gold in Turin.

"Central banks hesitated for a while, and then decided that Bitcoin is not a currency, but a cryptoasset. Bitcoin, - continued a high-ranking employee of the banking sector, - can serve as a reserve monetary unit to the extent that people are ready to believe it. How will it end? It is not known yet, but definitely, it will not be able to perform the monetary function".

"The menagerie of these crypto species is already limitless," said Pietro Terna, professor of economics and president of the Carlo Alberto College, the organizer of the presentation, "they appear in dozens. Bitcoin is a species that causes confusion".

Image courtesy of Wikimedia Commons

Vsevolod Gnetii