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ECB’s Lagarde Wants Regulation on Bitcoin
The president of the European Central Bank, was holding a speech earlier today. She spoke on the economic situation and projections and the Euro, but also touched on cryptocurrencies and particularly Bitcoin. Her comments should be bearish for both coins, but not at this moment, since the sentiment is driving markets around again.
ECB President Christine Lagarde Remarks on Cyptocurrencies
- Bitcoin is a speculative asset
- Bitcoin needs regulation
- Bitcoin has facilitated ‘funny business’, some reprehensible activity
- We will have a digital euro
- Hopes it would be no more than 5 years before digital euro
I think she answered her own question as to why there will be people who would still prefer Bitcoin over central bank digital currencies. Is it mostly/purely speculative? Sure, one can say that it is. But it is an interesting experiment on human/investor psychology.
Comments on the Euro
- We are monitoring exchange rate movements very carefully
- But we do not target it
- ECB will be ‘extremely attentive’ to exchange rate impact on prices
A bit of a warning in case the euro decides to take on a life of its own moving forward. That said, if there is a general dollar depreciation that feeds into euro strength, that will be something hard for them to really do anything about. Sure, they can offer up some verbal intervention as per the above but for now, EUR/USD still has room to roam between 1.20 to 1.25 as far as I would say.
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