Bank of Sweden expects Bitcoin collapse
The head of the central bank of Sweden does not believe in cryptocurrency and compared investing in Bitcoin with collecting postage stamps that will lose all their value
Sep 10, 2021
1 min read
Anna BakkerNews analyzer

Stefan Ingves, the head of the central bank of Sweden, is confident that
any private funds will collapse sooner or later, investors can get significant profits from bitcoin, but as a result, its value will fall to zero.

According to Stefan Ingves, no cryptocurrency can function and develop without the support of financial regulators or the government. Individuals will face serious losses in the cryptocurrency market, as in the 17th century, when a similar tulip mania was observed.

Previously, the Swedish authorities have already expressed skepticism towards Bitcoin. Earlier this year, the Swedish Financial and Insurance Supervisory Authority urged private investors to avoid the crypto ETF market.

A similar opinion is shared by a member of the ECB Governing Council, Hybriela Makhlouf, but in her opinion, investors should be ready to lose all funds invested in cryptocurrencies. Former US President Donald Trump adheres to the same view and considers investing in cryptocurrency a potential disaster.

The People's Bank of China also expresses skepticism. The financial regulator of China urged citizens not to get involved in cryptocurrency trading, since bitcoin has no real value and is not recognized as a means of payment.

At the same time, while the largest financial regulators refuse to recognize cryptocurrency, the Republic of El Salvador has already introduced Bitcoin as a means of payment.

Standard Chartered Bank predicts bitcoin rate will rise to $ 100,000 by 2022. Along with Bitcoin, Ethereum and other altcoins will skyrocket. The well-known crypto expert Ton Weiss believes that Bitcoin is only in the middle of a long cycle of a bull market and its rate can make x5 from the current levels.

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