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Crypto Fans ‘LOL’ At BIS GM Claims that Bitcoin ‘May Break Down’

The crypto community has reacted with incredulity after a senior Mexican economist and the boss of the Bank for International Settlements (BIS) appeared to dismiss the notion of decentralized digital currencies such as bitcoin (BTC).

In a recent speech, Agustín Carstens, the General Manager of the BIS and the former Governor of the central Bank of Mexico, claimed that central bank digital currencies (CBDCs) would roll out in the next three years, and called BTC a risky investment – adding that the token might ultimately fail.

He said,

ShapeShift CEO Erik Voorhees, meanwhile, opined that “this is just getting sad,” as banks continue to underestimate the size of the challenge coming from decentralized currencies like BTC.

Others, meanwhile, took aim at Carstens’ suggestion that CBDCs were a viable alternative to crypto – or existing fiats, with one user writing:

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