RBNZ’s Spencer: Bitcoin ‘looks remarkably like a bubble forming to me’

Dhwani Mehta FXStreet

The Reserve Bank of New Zealand (RBNZ) Governor Grant Spencer said in an interview with TVNZ broadcast on Sunday, Bitcoin is a bubble.

Key Quotes via Bloomberg:

"It looks remarkably like a bubble forming to me"

"Over the centuries we've seen bubbles, and this appears to be a bit of a classic case. With a bubble, you never know how far it's going to go before it comes down."

“Bitcoin is to me very much like gold. It’s mined, it has a fixed quality and the price is very volatile.”

“I think digital currencies, cryptocurrencies, are a real and serious proposition for the future. I think they are part of the future, but not the sort that we see in bitcoin.”

“I think a cryptocurrency that has a more stable value will be the sort of cryptocurrency that’s more useful for the future.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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