28 Nov '14, 10am

Pure Gold: Citibank Report says Bitcoin is Fiat Currency #Citibank #Bitcoin

Pure Gold: Citibank Report says Bitcoin is Fiat Currency #Citibank #Bitcoin

Ahead of Switzerland’s gold referendum this weekend, Citibank has a released a report publicly criticizing both the metal and Bitcoin – with some content being so embarrassing it could be satire. The report, which joins the Swiss National Bank’s (SNB) earlier efforts to present gold in an unfavorable light ahead of the referendum, adds statements about Bitcoin and argues the “social superiority” of paper fiat money. Created by research analyst Willem Buiter, “Gold: a six thousand year-old bubble revisited ” also contains in its preface remarks such “Bitcoin is a fiat virtual peer-to-peer currency (without intrinsic value)” and “Gold and Bitcoin are costly to produce and store”. The description of Bitcoin as “fiat” is perhaps the first to come from banking circles, fuelling speculation that the report is indeed designed to assist the ‘No’ campaign for the referendum. The de...

Full article: http://cointelegraph.com/news/113004/pure-gold-citibank-r...

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