blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Buy Crypto
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Buy Crypto
No Result
View All Result
  • bitcoinBitcoin(BTC)$19,265.04-0.15%
  • ethereumEthereum(ETH)$1,061.36-0.25%
  • binancecoinBNB(BNB)$216.65-0.42%
  • rippleXRP(XRP)$0.3183370.85%
  • cardanoCardano(ADA)$0.452209-0.54%
  • SolanaSolana(SOL)$32.77-1.41%
  • dogecoinDogecoin(DOGE)$0.066083-1.35%
  • AvalancheAvalanche(AVAX)$16.22-1.29%

Head of European Central Bank Says Crypto Is Worthless

Max Clark by Max Clark
May 23, 2022 - 5:11 pm
in bitcoin news, altcoins news
0
ECB Crypto
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Christine Lagarde has been at the helm of the European Central Bank since 2019. During her time as the head of the ECB, she has made her thoughts regarding the crypto sector well known. Given her importance in terms of policymaking in the global financial sector, her words carry a lot of weight. Recently, Lagarde made her thoughts known regarding the crypto sector. She believes cryptocurrencies are worthless.

Lagarde Shares Her Thoughts On Crypto

During an interview in Carré, Amsterdam, Lagarde stated that “cryptocurrency is worthless. It is founded on nothing, and there are no underlying assets to serve as a safety anchor.” In essence, Lagarde believes that crypto is worthless since it is only backed by the belief of the crypto community.

The president of the ECB added that she had always believed crypto was extremely risky and highly speculative. In her opinion, those who do not understand the risk that comes with crypto trading would lose everything.

She Believes In CBDC

While Lagarde does not believe in new technology, she believes in the planned European CBDC. The main reason for this is that the European Central Bank will back it. She said that when the digital euro was launched, she would guarantee it. As a result, it would have the full backing of the ECB, which is different from cryptocurrencies.

Plans To Hike interest Rates

During the interview, Lagarde revealed that the ECB was ready to hike interest rates in July to fight inflation. However, there was no possibility of a 50 basis point increase, as some European central bankers had proposed. The current expectation is for a 25 basis point increase. According to Lagarde, the ECB will first phase out bond purchases before beginning to hike rates in July.

When that happens, it could mean fewer people are willing to invest in crypto, as has previously happened when the US Federal Reserve has raised interest rates. Consequently, it could be the start of the global crypto winter.

Is Crypto Worthless?

Over the years, some opponents of Bitcoin have pointed out that it is worthless. Their primary reason for this conclusion is that BTC is not backed by any asset or central bank. Consequently, they have predicted it was a Ponzi scheme that was a few months away from total collapse.

However, none of those predictions have come to pass. While BTC’s value fluctuates widely, it is not worthless. One reason for this is that there is a solid community that believes in BTC. This community is always willing to accept BTC as something valuable. In the world, that is how everything gets its value; by people accepting it has value.

A good example of this is gold, since ancient times, its scarcity, difficulty to obtain, and difficulty to replicate, made it have value. As a result, many people were willing to accept it as something of value. BTC and ETH shares some of these characteristics. For one, it is rare, scarce, and difficult to acquire via a complex process called mining. Its uniqueness, combined with a large global community that accepts that it has value and is willing to receive it in exchange for cash or services, or goods, means it does have value.

Tags: altcoinBlockchainBTCCBDCCryptoCryptocurrencyEthereumRegulation
ShareTweet
Max Clark

Max Clark

Max Clark is a content writer specialising in the cryptocurrency space. He is very enthusiastic about altcoins, NFTs, and the Metaverse. Max is convinced that the network is capable of replacing the existing global monetary system and granting financial independence to billions of people all over the world. Max loves to go on adventures, play sports, and read books when he has free time outside of work. He has also worked in the financial industry before, so he knows how the world's banking system works and how to deal with clients in the tech and finance industries.

Recommended For You

Crypto Broker Voyager Digital Suspends All Activities On Its Platform

by Eric Maina
July 1, 2022 - 10:38 pm
0
Voyager Digital Crypto Broker

Voyager Digital announces it has suspended all customer operations after 3AC defaulted on a scheduled loan repayment

Read more

Tether USDT Keen to Become More Transparent by Reducing Commercial Paper Holdings

by Umair Younas
July 1, 2022 - 5:59 pm
0
Tether USDT

At the moment, Tether holds 8.4 billion dollars worth of commercial paper which means 5 billion assets will expire on the 31st of July

Read more

Grayscale Sues U.S. SEC Due Its Refusal to Transform the Biggest Fund of Bitcoin into an ETF

by Umair Younas
June 30, 2022 - 2:20 pm
0
Grayscale Bitcoin ETF

Grayscale stated that the SEC would be sued on its behalf following the agency's refusal to transform the biggest fund of Bitcoin into an ETF

Read more

First EU Rules to Monitor & Trace Transfers of Crypto-Assets

by Mushu Butt
June 30, 2022 - 1:43 pm
0
EU Crypto

New EU regulations would monitor and track crypto transfers in order to combat money laundering and terrorist financing.

Read more

Binance and Cambodia’s Securities Regulator Sign MoU

by Eric Maina
June 30, 2022 - 12:34 pm
0
Binance Cambodia

Binance, a leading global crypto exchange, singed an MoU with Cambodia's securities regulator, SERC, to help it develop crypto regulation

Read more
Next Post
IQ Protocol NFT

IQ Protocol Announces Strategic Partnership To Power GUMBALL 3000 NFT Ecosystem

PARTNERS LIST

PRESS RELEASE

Fintech-Ideas brings blockchain functionality to its range of platforms

by chainwire
July 3, 2022 - 10:30 am
0

Berlin, Germany, 3rd July, 2022, ChainwireEnterprise software developer Fintech-Ideas has integrated a suite of blockchain tools to its SaaS offerings....

Himo World Announces Open Beta of PvP Strategy Game

by chainwire
July 1, 2022 - 5:36 pm
0

Melbourne, Australia, 1st July, 2022, ChainwireHimo World, an NFT-based strategy game developed by Kaofox Corp, has announced its open beta...

Swappi (PPI) Announces First Exchange Listing on BitMart

by chainwire
July 1, 2022 - 10:01 am
0

New York, NY, 1st July, 2022, ChainwirePPI, the native token of Swappi, is now available for trading on global crypto...

Bitwells Exchange Launches 777 BTC Giveaway for Derivatives Traders

by chainwire
June 30, 2022 - 3:27 pm
0

Victoria, Seychelles, 30th June, 2022, Chainwire Bitwells, the leading crypto derivatives exchange, has launched a 100% deposit match for new...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2022 - Blockchainreporter.net. All Right Reserved.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT