New Philippines Central Bank Governor: Crypto Investors Are Adherents of the Greater Fool Theory!
– The new governor of Bangko Sentral ng Pilipinas (BSP), Felipe Medalla, has claimed that bitcoin investors only buy the cryptocurrency because they are convinced that someone else will buy the same digital asset at a higher price.
– Medalla also believes that the value proposition of cryptocurrencies is based on the so-called Greater Fool Theory.
– In addition to the Greater Fool Theory claims, Medalla said people that choose to invest in cryptocurrency do so because the digital currency gives them an ability to hide their holdings.
Share this:
Related
More Stories
Don’t worry, your crypto won’t go anywhere during the FTX collapse
The collapse of FTX has caused Brazilian retail and institutional sentiment toward crypto to decline, but this will not affect...
Project Ubin: Singapore’s Quest to Launch a Blockchain-Based National Currency
- Blockchain is a digital database that employs cryptographically linked networks of peer-to-peer nodes - It is a technology that...
Bitget Eyes Global Expansion as it Registers in Seychelles
Bitget plans to increase its workforce by 100 by the end of the year. -The exchange has updated its target...
Lido crypto shines amid market struggles
Lido Finance has been a bright spot amidst the chaos of the crypto market, earning $1 million or more in...
Nexo Sued for Blocking $126M Withdrawals in 2020-21!
The Mortons claim they were pressured into selling millions of Nexo's native token back to the firm at a discount...
Investors need to rethink how they hold assets after FTX collapse, Blockchain.com CEO says
- The FTX collapse is a tragedy and total failure of governance - This will accelerate a trend back towards...
