RATE Group | As Bitcoin Suddenly Bounces, A New Central Bank Crypto Rival Could End ‘Evil’ Bitcoin
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As Bitcoin Suddenly Bounces, A New Central Bank Crypto Rival Could End ‘Evil’ Bitcoin

30 Nov As Bitcoin Suddenly Bounces, A New Central Bank Crypto Rival Could End ‘Evil’ Bitcoin

Posted at 19:17h in Bitcoin News by

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The threat of bitcoin and cryptocurrencies were mostly laughed off by central bankers before this year but social media giant Facebook’s libra project changed that.

The bitcoin price has doubled since the beginning of this year due to interest in bitcoin and crypto from the world’s biggest technology companies but its recovery stalled after Facebook’s plans looked likely to attract regulatory scrutiny.

[Update] After a sudden sell-off earlier this week, bitcoin has rallied back to almost $8,000, reaching $7,870 per bitcoin on the Luxembourg-based Bitstamp exchange after trading at $6,515 just a few days earlier. The cause of the rally was not immediately clear, although bitcoin has been known to pump this time of year and specially over the U.S. Thanksgiving holiday weekend.

Now, outgoing European Central Bank (ECB) executive board member Benoît Cœuré, who last year described bitcoin as “the evil spawn of the financial crisis,” has outlined plans for a European “central bank…

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