Zurich banker doesn’t recognize Bitcoin as a currency

Chairman of UBS, former President of Bundesbank, Axel Weber, has joined the group of traditional bankers who are skeptical about Bitcoin and cryptocurrency in general. The possible reason why they always mention Bitcoin can be the fact that Bitcoin makes a huge part of the whole cryptocurrency market.

Axel Weber has reminded about basic principles of a real currency. Currency is a means of payment, it’s generally accepted, has a store of value, and, lastly, it’s a transaction currency. Weber believes Bitcoin meets only one principle – the last one. Many would not agree with such a strict approach, but Weber specified he was judging from his central bank work experience.

Recently, a good picture showing the division amongst the influential bankers of the world appeared on Cointelegraph. The lead cryptocurrency skeptic is JP Morgan Chase Jamie Dimon, with his now famous words about Bitcoin being a fraud; the real “Wolf of the Wall Street” thinks almost the same; but the number of optimists is higher, with Morgan Stanley CEO James Gorman, Fidelity Investments CEO Abigaile Johnson, and Goldman Sachs CEO Lloyd Blankfein. Which position is most realistic? A good market analyst should listen to all speakers, separate useful advices from biased statements and make his own conclusion.

Image courtesy of Cointelegraph