The global fascination with bitcoin “feels like a speculative mania”, the governor of Australia’s central bank said. As bitcoin hit a record-setting new high on Tuesday to break through $17,500, fueled by the debut of bitcoin futures trading on Chicago-based CBOE, the head of Australia’s central bank raised questions on the cryptocurrency’s function as a currency for payments.
Reserve Bank of Australia (RAB) governor Philip Lowe was speaking today at this year’s Australian Payment Summit in a speech titled “An eAUD?” when he touched on the subject of cryptocurrencies and, specifically, bitcoin. “In reality, these currencies are not being commonly used for everyday payments and, as things currently stand, it is hard to see that changing,” Lowe said.
Read more here...So is the real gold...I still have to see many people bringing gold to stores to buy things using the gold they have or many online stores accepting gold as mode of payment. So how come gold is very valuable? Bitcoin is pushing like a snail in the currency department that's a fact but we have to consider that Bitcoin is not as old as any other fiat currency. People have been forgetting that fact. Bitcoin is still evolving as a currency but as far as a store of value it has been there and that is what many of us Bitcoin holders have been concentrating on...that's a fact.
Now, we have to admit it that there is a great speculation on Bitcoin right now and we could not blame people to buy and invest with Bitcoin as they are seeing it to have a better chance to appreciate in value sooner or later. And there is nothing we can do except to tell these people that in anything in life there is always risks involved. People are not anymore dumb with all the available information they can use using their smartphones.
The fact is that all of these comments on Bitcoin as just speculations and lack of value are already getting boring. We have heard of these before and I think we can all continue hearing the same comments for as long as there is cryptocurrency. And now we have people who think that they can be better then Satoshi Nakamoto by introducing their own state-sponsored and controlled cryptocurrency...assuming that the market would really be excited with such an idiotic idea.
