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New York Federal Reserve President Considers Virtual Tokens Dangerous To Economy

Feb 24, 2018 Posted /  1782 Views

 New York Federal Reserve President Considers Virtual Tokens Dangerous To Economy

The president of New Federal Reserve, William Dudley presented his thought in front of media about current recovery state of Puerto Rico after a catastrophic Hurricane. Dudley talked to media persons on Thursday in Manhattan and also spoke about the prevalence of cryptocurrency. As per sources, Dudley believes that virtual tokens are dangerous because of their volatile nature.

The “speculative mania” of Bitcoins cannot be denied after observing its ups and downs in the market. The virtual token recorded the lowest price $6135.56 on 6th February after attaining the peak point. The coin made a steady recovery in just two weeks of time span and reached $11,856.70, falling back to $9820 within 36 hours. The current Bitcoin value is $10,511.60 USD with market capital $177,466,154,989 USD.

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The critical statement by Dudley came after the governor of Bank of England; Mark Carney denied to accept Bitcoin as a currency as it doesn’t perform the primary function of a currency such as storage of value because of its volatile feature.

In London’s Regent’s University, Mark Carney stated ‘It has pretty much failed thus far on ... the traditional aspects of money.’

As per Reuters reports, the central bank boss said that nobody uses Bitcoins as a medium of exchange. Whereas he appreciated the technology behind cryptocurrencies and mentioned its broad ways of utilization.

Dudley and Carney have added themselves among the high officials who have warned the public regarding dangers of emerging technology.

The head of the Bank Of International Settlements(BIS),  Agustin Carstens called Bitcoins "combination of a bubble, a Ponzi scheme, and an environmental disaster,"

All these statements can be perceived as a warning indicating towards crackdown of virtual tokens

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Tags: virtual tokens President Cryptocurrencies

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