While the big entrepreneurs have shown their support for Bitcoin, at least regulators in Ireland seem to be a step away from existence.

 

 

You may lose all your money

According to the director of the Irish central bank, Bitcoin investors should be prepared to “lose all their money”.

President Gabriel Makhlouf said he was worried about consumers making “the right choices” and that he currently does not see “financial stability issues arising from Bitcoin itself”. The official stated that people acknowledge that Bitcoin is an asset, but don’t understand why people choose to invest in cryptocurrency.

Personally, I’m not sure why people invest in such assets, but they clearly see them as assets.

Consumer protection

Still, the president emphasized consumer protection and said:

Our role is to make sure that consumers are protected.

This will not be the first time a central bank official has denied the existence. Last year, Bank of England Governor Andrew Bailey stated that he had a hard time seeing that Bitcoin has a unique value. He previously denied the use of stablecoins, Bitcoin and other cryptos as a means of use for traditional payments.

Recently, BIS Managing Director Agustin Carstens said that “investors should be aware that the digital asset could collapse for good”.

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