Cryptocurrencies
Crypto Boom Is ‘Speculative Mania,’ Bank of Canada Deputy Says
- Deputy governor calls Bitcoin a ‘flawed’ payment method
- Remarks come a day after Tesla investment drives price surge
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A top Bank of Canada official called the recent spike in cryptocurrency prices “speculative mania,” and said such assets don’t have the qualities to become the money of the future.
In a speech on “payments innovation,” Deputy Governor Tim Lane said costly verification methods and unstable purchasing power makes cryptocurrencies like Bitcoin a “flawed” method of payment.