Gabriel Makhlouf, Governing Council Member of the European Central Bank (ECB), has recently warned all the Bitcoin investors. According to him, Bitcoin investors should be tentatively prepared to lose all of their money. This is the latest warning issued in this regard from any central banker. Makhlouf mentioned:
“Personally, I’m not sure why people invest in those sorts of assets, but they see them as assets clearly.”
He also mentioned that central banks need to make sure whether the customers are protected or not.
Gabriel Makhlouf Gave Similar Statement to Other ECB Leaders
It is not only Gabriel Makhlouf from the ECB who gave a cynical statement regarding Bitcoin, but there are other leaders as well. Christine Lagarde, President of ECB, has said before that cryptocurrency is a highly speculative asset class.
However, as far as Bitcoin is considered, its price has more than doubled since November 2020, as the latest all-time high was at $42,000 level. In the past few months, it has been seen that Bitcoin can gain mainstream attention as it is now having a lot of institutional investors as well. Several prominent figures have also associated themselves with Bitcoin and one of them is Elon Musk. He often praises and talks about Bitcoin in his tweets and interviews. Bitcoin could also be seen on the top of his bio page on Twitter, which shows his faith in this crypto.
Consumer Choices More Important Than Financial Stability
The statement by Gabriel Makhlouf in his recent interview is not a surprising one because ECB is maintaining a tough stand regarding cryptocurrencies. While warning Bitcoin investors, he also mentioned that his major concern is the protection of the customers. According to him, financial stability is not the major issue as he believes the choices of the customer is more important in this case.