Bank for International Settlements Chief Calls Bitcoin a “Ponzi” and Environmental Disaster
When the world’s top finance wizard drops a bombshell, everybody’s ears perk up. Agustín Carstens, the shoo‑shoo boss of the International Bank for Settlements (BIS), just spilled the beans, calling Bitcoin a bubble, a Ponzi scheme, and a diva to the planet.
Bitcoin’s Price Plunge
The price of the famous digital coin fell to $5,947.40 (£4,256.44) – the lowest since December 2017 – after Carstens’ cautionary headline. Markets and fans alike were left wondering what this could mean for the future.
What Carstens Urged to the Financial Behemoths
- Financial Stability in Danger: If crypto gets tangled deeper with mainstream banking, it threatens the very bedrock of our economies.
- Policy Intervention Needed: Carstens felt the national watchdogs must step in, spread the word, and protect investors.
- Trust and the Environment: He warned about a bubble that can erode faith in central banks and the planet itself.
More Alarm Bells Ringing
Bank of England Governor Mark Carney echoed the sentiment, urging the G20 to mull over how digital coins might convert into official currency and how anonymity could hide shady business.
Facebook’s Ad-Stopper Move
Facebook took the jump and paused all crypto advertising last week, citing concerns around misleading promotions. Let’s hope this is a step in the right direction.
Carstens’ warning is a stark reminder: crypto is not just a fun digital money game; it can carry real stakes for global financial well‑being.
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