'Bitcoin will die as a complete load of nonsense' says Ardo Hansson

07 Jan, 2019 | Updated: 07 Jan, 2019
by Joeri Cant
News
'Bitcoin will die as a complete load of nonsense' says Ardo Hansson

The Estonian governor Ardo Hansson, who is a member of the Governing Council of the European Central Bank and therefor participates in formulating monetary policy for the euro area, said at a conference in Latvia, that cryptocurrencies will probably die as a complete load of nonsense.

According to the American media company Bloomberg, the European Central Bank policy maker Ardo Hansson said that the cryptocurrency bubble already was well on its way to a full collapse.

'Maybe we should just see how far this collapse goes, and what is left when we’ve reached a new kind of equilibrium', the Harvard graduate said.

'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.'

Hansson isn't the first high profile government official who expresses his concerns that cryptocurrencies can be used for illegal activities and that financial instability issues may occur if links between virtual assets and the regulated financial sector are starting to increase, and he won't be the last.

Read more: Will Bitcoin recover in 2019?

However, his opinions seem uninspired and are nothing cryptocurrency investors haven't heard before.

Perhaps, in 2019, we can take these kind of non-constructive opinions for what they actually are, which is clearly FUD.

As analyst and crypto investor, Joseph Young pointed out to his almost 95K twitter followers: 'Less than two weeks into 2019 and already seeing "Bitcoin will die" statements from high profile government officials.'

Read more: Is Bitcoin dead? 8 reasons why it is NOT

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