Although, major entrepreneurs have shown their support for Bitcoin.
Regulators, and at least in Ireland, appear to have taken a step further from Bitcoin.
According to Mr. Gabriel Makhlouf, the Governor of the Central Bank of Ireland, who recently stated:
Bitcoin investors should be prepared to lose all of their money.
He added that he was concerned about consumer choices that might be incorrect.
He also told that he does not see a problem with Bitcoin and that it does not threaten financial stability at the present time.
The Governor of the Irish Bank indicated that people recognized that Bitcoin is an investment asset, but they did not understand why people choose to invest in cryptocurrencies, as he stated in this regard by saying:
I personally am not sure why people invest in these types of assets, but they clearly see them as assets.
For our part, our role is to ensure that consumers are protected.
It is worth noting that this is not the first time that a central bank authority has rejected bitcoin.
Last year, Bank of England Governor Andrew Bailey stated that he had difficulty seeing how Bitcoin has intrinsic value.
Andrew also previously ruled out the possibility of using stablecoins, Bitcoin and other cryptocurrencies as a method of traditional payments.
Recently, Mr. Augustin Garsten, Director General of the Bank for International Settlements, stated:
Investors should be aware that a digital asset could strongly collapse at any moment.
Bitcoin has reached $ 34,200 today, according to CoinGecko.
The price of Bitcoin dropped after yesterday, reaching $ 38,000, affected by the momentum occurring at the level of social media platforms and the update made by “Elon Musk” on his Twitter account.
Paolo Arduino, Bitfinex’s technical director, commented about the recent rise of Bitcoin by saying:
Such events seem to challenge the financial elite.
The growing recognition of Bitcoin’s hallmarks should outpace the current interest in GameStop stocks.
While cryptocurrencies are emerging, they have the potential to flip the strength structure of unfair financial markets set up against retail investors.