16 Jun '17, 5pm

Top German Banker Warns Cryptocurrencies Could Precipitate a Financial Crisis

Top German Banker Warns Cryptocurrencies Could Precipitate a Financial Crisis

A top German banker, Jens Weidmann, commented Wednesday that digital currencies like bitcoin could cause a financial catastrophe. The banker alluded to the idea digital currencies are unstable and prone to violent fluctuations on the market. Weidmann said for people to expect banks to adopt digital currencies so the average citizen begin to have faith in them. Also read: Localbitcoins Introduces New Fee Structure Jens Weidmann A Business Insider article further suggested the banking system has a leg up on digital currencies, because they have the ability to print as much money as they want. In other words, they can avert a financial collapse by magically creating more liquidity. The article quoted Weidmann , saying, “This is a feature which will become relevant especially in times of crisis – when there will be a strong incentive for money holders to switch bank deposits i...

Full article: https://news.bitcoin.com/top-banker-warns-cryptocurrencie...

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