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Originally promoted as a super private and reliable means of exchange bitcoin has more recently been tipped as a store of value if traditional currency spending power sinks in real terms and although highly volatile is up more than 70pc since the start of this year.
That rise was boosted after billionaire Elon Musk’s Tesla confirmed it had bought around $1.5bn of the cryptocurrency and would consider accepting it as payment for cars.
Speaking at an event organised by Grant Thornton, Gabriel Makhlouf said he wouldn’t buy Bitcoin himself and drew a comparison to the Dutch tulip mania of the 17th century, seen by many as the classic asset bubble, and which coincidentally happened during a plague outbreak.
Economics Correspondent
Central Bank Governor Gabriel Makhlouf has said he believes the economy could recover strongly later this year with a potential surge in demand in the second half of the year .
The Governor made his remarks in a speech delivered online to students at the University of Limerick today.
Gabriel Makhlouf repeated the Central Bank s forecasts published last Friday, which predicted an increase in Modified Domestic Demand this year of 2.9% following an estimated fall of 7.1% last year.
The Governor said the financial system has been able to absorb rather than amplify the impact of the economic shock of Covid-19.