The head of the Irish Central Bank Gabriel Makhlouf is worried that people who invest in Bitcoin could end up losing all their money.
However, Gabriel Makhlouf was quick to note that Bitcoin isn’t a direct threat to financial stability. He just wanted to say that despite the fact that BTC looks good in the market, it’s prudent for people to be prepared in the event of a loss. With that, Gabriel seems to echo the sentiments expressed by the UK FCA (Financial Conduct Authority) a short while ago.Â
BTCUSD Chart By TradingView
Consumer Protection Most Important Now
In Gabriel’s view, the big task on his part and that of the Irish Central Bank now is to make sure that consumers are adequately protected. One of the ways to do that is to keep them prepared. He, however, admitted that he doesn’t see any form of financial instability arising from Bitcoin-related investments at the moment.
Indeed, BTC has been the talk of the town of late. The top crypto has gained value by huge percentages. It has surged by over 15% over the last 24 hours. In that case, Gabriel’s concerns may be attributed to the price correction events that are common in the crypto market.Â
Mike Novogratz Says It’s False
According to big crypto investors like Mike Novogratz, Gabriel’s sentiments don’t really connect with the true market dynamic of cryptocurrencies, precisely Bitcoin. In a tweet, Mike said that the sentiments are false and that Bitcoin is a 100% safe investment as long as no leverage is involved. Basically, at least according to Mike, HODLing may be the safest way to keep Bitcoin.
Of late, various levels of authorities have come out to try and throw some shade on cryptocurrencies, with the main target being Bitcoin. Just recently, the President of the European Central Bank Christine Lagarde said governments should move to regulate Bitcoin, adding that the top coin has been involved in some funny and exciting businesses, while some were “totally reprehensible money laundering” activities.
The increasing pressure from top echelons of authorities may be a move to create an environment for them to justify imposing more regulatory measures on Bitcoin and other cryptocurrencies.
