In a recent panel discussion in Vienna, Austria, the former Director-General of the European Central Bank (ECB), Aurel Schubert bashed the leading cryptocurrency. The bitcoin critic said that sooner or later, bitcoin will be one of those objects on display in the Museum of Illusions.
“Bitcoin sounds like a Ponzi scheme.”
Aurel Schubert further added that it is clear that the digital market wants and demands some quick, safe, cross-border payment solution available 24/7, and smooth exchanges. He also admitted that current local payment solutions are also compartmentalized and are not fit for the global economy. The former Director-General of ECB is of the opinion that bitcoin is neither a currency nor a solution, and we went on to say that it sounds like a Ponzi scheme.
Former ECB Director-General also questioned expensive transaction fees of bitcoin.
This is not the first time that someone from the European Central Bank criticized the decentralized cryptocurrency. Earlier, former European Central Bank President Jean-Claude Trichet criticized bitcoin, saying that it lacks the characteristics of a real currency. Aurel Schubert further questioned bitcoin as a means of exchange and the expensive transaction fees of the bitcoin blockchain. Despite criticizing cryptocurrencies, European Central Banks has shown interest in developing its own digital currency to strengthen cross-border payment sector.
