Read Source Article St. Louis Fed’s James Bullard Thinks Cryptocurrencies are Counterproductive

Not everyone is a big fan of Bitcoin and other cryptocurrencies. This is especially true in the case of government officials and banking experts. The St. Louis Federal Reserve Bank’s James Bullard recently made an interesting comment. In his view, cryptocurrencies oppose the need to create a market-based currency trading system with consistent pricing.

James Bullard Dislikes Cryptocurrency

It is evident the growth of Bitcoin and other cryptocurrencies should not be underestimated. Despite a fair few price dips in the past few months, it seems the general demand for exposure to Bitcoin and altcoins is not diminishing in the least. This is not to the liking of most government and banking officials, for rather obvious reasons.

James Bullard, the head of the St. Louis Federal Reserve Bank, is growing rather concerned over the popularity of this new form of money. More specifically, he considers it to be rather counterproductive for a nation which seeks price stability first and foremost. Cryptocurrencies are inherently volatile, and their massive price swings can cause a fair few problems along the way. Stablecoins may be able to counter this negative trend, but it is evident they are also far less exciting to speculators and investors.

According to Bullard, cryptocurrency

Categories:   Crypto Currency Portal

Share This