[2019-01-08] European Central Bank Policy Maker Calls Crypto ‘a Fairy-Tale Story

[Churck]

A member of the Governing Council of the European Central Bank (ECB) has warned that “the [cryptocurrency] bubble has already started to collapse,” Bloomberg reported Jan. 7.

Speaking at a conference in Riga, Latvia, Ardo Hansson — also the governor of Estonia’s central bank — stated that digital currencies will end up as a “complete load of nonsense.” The official warned that “the bubble has already started to collapse and maybe we should just see how far this collapse goes, and what is left when we’ve reached a new kind of equilibrium.” Hansson added:

“I think we will come back a few years from now and say how could we ever have gotten into this situation where we believed this kind of a fairy-tale story.”

Read more:https://cointelegraph.com/news/european-central-bank-policy-maker-calls-crypto-a-fairy-tale-story

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[greeklogos]

Just another politician who is sceptical about bitcoin. Well, of course it's easier to look at the situation when everything happen already, that's why everything he can is to warn us.

[Kakmakr]

Bitcoin's Fairy-Tale story are just beginning, but central Banks around the world will see their Fairy-Tale story ending very soon. The year 2019 will see a massive correction in the Stock markets and also Forex currency trading. People have seen the light at the end of the tunnel and they are pushing for change now.

Why do you need Central Banks to control the value of your wealth, if you can do it yourself? <Supply & Demand> 

Banks had their opportunity to dominate the financial sector and they misused their power, time and time again. 

[buwaytress]

Here's some nuance to that. In 2017, Estonia announced that it would be making its own cryptocurrency. Four distinct tokens, to be exact, if I recall correctly, and this was only part of its digitisation. The home of the e-residency programme and also one of the earliest to complete voting for elections all online, they were then rapped by the ECB, warning all EU nations in no uncertain terms that they wouldn't tolerate any other currency, not even those backed by national central banks.

Estonia backed down eventually, but not completely. This is just another cannonball from the stern.

[Betwrong]

What I like in the article is its ending:

Dombrovskis said at the time that crypto assets are “here to stay,” and the crypto market still “continues to grow” despite “recent turbulence."

Valdis Dombrovskis, being 13 years younger than Ardo Hansson, is taking higher position, so to speak, in the European Union (he is the member of the European Commission responsible for banking and finance), and that's why his words matter more. Life is short, so let's not spend our precious time on contemplating the words of an understrapper(Ardo Hansson), and concentrate on what big shot is saying.

[Argoo]

What else can most bankers say about cryptocurrency? These doubts are expressed every year, and the cryptocurrency continues to evolve. As the saying goes, dogs bark and the caravan moves on.
We expect improvements in ethereum next week, and of course, I want to look at the ETCV, which is separated from ethereum.

[hatshepsut93]

Honestly, how is he different from some cryptocurrency enthusiasts that believe that fiat is a bubble, all bankers are just scammers, and that soon the whole global economy will crash and everyone will turn to crypto?

In reality, the most likely scenario is that both crypto and fiat will continue to exist, crypto will be used as an alternative system for those who want privacy or non-inflationary saving currency, while the mainstream public and business will stick to fiat, and the world will absolutely not end.