Crypto links with banks pose threat to financial stability, says ECB

ft.com

14 points·znq··4 comments

Looks like someone is a little afraid. At least they updating a bit the playbook, now to bash BTC they leverage on people's fear of a possible recession. It still won't work, but at least it's fun to see new excuses.

It is worrying how deep the political pockets of some of these rich cryptocurrency “elites” are and, ironically, how integrated they are becoming with traditional finance. A big downturn in the crypto space will have ripple effects that could affect the larger economy. Combine that with an actual looming recession.

My feeling is that cryptocurrencies brought wealth to people considerably less political than the traditional financial elites. And I really like this.

Still, if the traditional finance is affected by the downturn in crypto is just because the first ridiculed BTC and then jumped on the bandwagon too late. They could have decided to invest in BTC in 2015, rather than laughing, or they could have decided not to take part in the game, and not to integrate traditional finance with crypto.

Still, joke's on them, people who bought crypto in 2015 are doing pretty fine, even with this "huge downturn". Looks like the "traditional finance" forgot to buy low and sell high.

Central banks' links with governments pose threat to financial stability, says me.

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