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  • Cryptocurrencies are highly risky assets according to ECB’s President Draghi.
  • Draghi was questioned on Bitcoin by a student after speaking in Frankfurt.

 

ECB’s Draghi was recently taking questions in Frankfurt from students, one asked European Central Bank (ECB) President about his stance on Bitcoin. Draghi replied to the student saying that cryptocurrencies are not currencies, but “highly risky” assets.

The ECB President said:

Bitcoins or anything like that are not really currencies, they are assets. A euro is a euro – today, tomorrow, in a month, it’s always a euro. And the ECB is behind the euro. Who is behind the cryptocurrencies? So they are very, very risky assets, the value of which oscillates – as you’ve seen – wildly.

He spoke further:

At this point in time, they are not significant enough in their entity that they could affect our economies in a macro way.