Swedish central bank governor says Bitcoin will collapses sooner or later

The Swedish central bank governor talked about the private currency and claimed that these private currencies “usually collapse sooner or later.”

 In the present time Bitcoin adoption discussions are at tremendous level. On one side, there are those countries which are ready to accept Bitcoin and other crypto as legal assets, like Ukraine. But on the other side there are many central banks which are opposing Bitcoin’s existence and it’s future possibilities. 

Read also: Crypto Hungry Ukraine Moves to Legalize Crypto

Stefan Ingves, Sveriges Riksbank governor, Speaking at a banking conference in Stockholm talked about Bitcoin -like private assets. 

Stefan Ingves said that Bitcoin and other similar private money will collapse soon or later and  In a further disparaging remark. And also added that, one can become rich with the trading, in a small time interval but trading  of Bitcoin just like trading in stamps.

Mr. Governor didn’t talk about Bitcoin’s ability as a currency, he mainly emphasized the risks associated with Bitcoin. He said that Bitcoin is a big concern right now because it is responsible for money laundering and other criminal activities. And claimed that Bitcoin got much attention in June by the regulators and lawmakers because of problems. 

It was just a type of warning by the Swedish central bank governor over Bitcoin supporters. Swedish central bank RiksBank is in favour of using blockchain based technology to bring CBDCs e-Krona, which is under experiment. 

Read also: 44% adults of the US wants Bitcoin as a legal tender : YouGov poll