Brazilian Central Bank Chief: Bitcoin is a Bubble

October 16, 2017

Brazilian Central Bank Chief:  Bitcoin is a Bubble

Brazilian central bank president Ilan Goldfein criticized Bitcoin and had a very jaundiced view of appreciation of cryptocurrency.

“Bitcoin is a financial asset with no ballast that people buy because they are sure it will bring profit. It seems to be a typical bubble or pyramid”,  Goldfein said. More than that, he mentioned, that Bitcoin is a mean of illegal payments over the Internet.

“The central bank is not interested in bubbles or illicit payments”, he added, stressing that it is relevant to "separate" innovations and technology companies from this type of practice facilitated by Bitcoin.

Goldfein believes that “digital currencies is not a thing the central bank would like to encourage”.

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