Bitcoin (BTC) lacks the characteristics of a currency and is purely speculative, according to the European Central Bank’s former president Jean-Claude Trichet. Chinese news outlet South China Morning Post reported on Nov. 10 that Trichet made remarks at Caixin’s conference in Beijing.
“I am strongly against Bitcoin”
“I am strongly against Bitcoin, and I think we are a little complacent. […] The currency itself is not real, with the characteristics that a currency must have.”
Trichet also explained that he believes buying cryptocurrency is, in many respects, just speculation. He also claimed that even when a crypto asset is supposedly backed by a real asset, he still observes a lot of speculation, which he concluded is “not healthy.”
Trichet prefers SDR to Libra
Similarly to Libra’s plans, SDRs are backed by a basket of currencies, including the U.S. dollar, the euro, the pound sterling, renminbi and yen. He explained:
Trichet also said that, while the world may be leaving banknotes and coins behind, cryptocurrencies could not be the way forward.