RATE Group | As Bitcoin Sinks, Top ECB Banker Makes Bleak Warning Over Bitcoin ‘Bubble’
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As Bitcoin Sinks, Top ECB Banker Makes Bleak Warning Over Bitcoin ‘Bubble’

16 Nov As Bitcoin Sinks, Top ECB Banker Makes Bleak Warning Over Bitcoin ‘Bubble’

Posted at 08:58h in Bitcoin News by

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Bitcoin prices have sunk sharply over the last 48 hours, but that decline has not been enough to convince some that bitcoin is not overvalued and headed for a crash, with cryptocurrency skeptics speaking out against the fledgling industry.

One such blow to bitcoin and the wider cryptocurrency sector came from Benoit Coeure, a European Central Bank (ECB) Executive Board member, who was speaking at the Bank for International Settlements in Basel. Coeure labeled bitcoin “a combination of a bubble, a Ponzi scheme, and an environmental disaster,” it was reported by Bloomberg.

Bitcoin prices last year rocketed from under $1,000 at the beginning of the year to almost $20,000 before falling back throughout 2018. (Photo by Alain Pitton/NurPhoto via Getty Images)Getty

The bitcoin price dropped around 15% over the last two days, as a fork of the bitcoin cash cryptocurrency (itself a fork of the original bitcoin) cast a dark cloud over the bitcoin industry, with…

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