Royal Bank of Scotland’s chairman says central bankers should hang an ‘abandon hope’ warning over bitcoin

 

There are a few ways one can take such a statement.

(From The Guardian)

Bitcoin has been likened to Dante’s Inferno by the chairman of Royal Bank of Scotland. As the digital currency surged above $15,000 on Thursday, Sir Howard Davies suggested it should carry a similarly apocalyptic warning for investors.

Davies, a former head of the UK’s top financial watchdog, called on the Bank of England and other authorities around the world to launch a coordinated warning against the digital currency.

Bitcoin has increased in value by $3,500 in the space of a week, after surging more than 900% this year. It was trading at $15,300 at lunchtime on Thursday.

Put up the sign from Dante’s Inferno – ‘Abandon hope all ye who enter here’ – I think that’s probably what’s needed,” he said speaking on Bloomberg TV, adding that the cryptocurrency appeared to be a “frothy investment bubble”.

Davies argued for Threadneedle Street to take action at the same time as the US Federal Reserve, Securities and Exchange Commission, and the European Central Bank. “Central banks are very anxious about it [bitcoin],” he said….

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