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As bitcoin attempts its latest price rebound after a 40% slump in three days, its long-term potential as an investable asset is becoming linked inextricably to its cost for the rest of society.
This is increasing the pressure on policy makers to do more. The US Federal Reserve’s Lael Brainard nodded to this on Monday, when she warned that a proliferation of alternative payments systems might lead to fragmentation and increased costs for households and businesses, suggesting there was a need to expand crypto’s regulatory “perimeter”.
Bitcoin’s “dirtiness” is still the chief concern, however. The carbon footprint of power-hungry miners, which raised red flags during the pandemic melt-up in prices at the start of 2021, is now inseparable from the way politicians, investors and even the laser-eyed faithful view crypto.
ChinaGermanyUnited-statesYu-xiongHainanAmericansAmericanLael-brainardElon-muskVitalik-buterinRay-dillingerLionel-laurentThey were only two seemingly innocuous words: “investment alternatives.” But when applied to Bitcoin the seminal cryptocurrency by an official from the People’s Bank of China in a recent panel discussion, they reverberated like a firecracker.
“A remarkable step for BTC,” Lennix Lai, director of financial markets at OKEx, calls the statement. Michael Peshkam, executive in residence at European business school INSEAD, describes the central banker’s remarks as “a significant shift in the country’s position” on crypto.
To recap: On April 18 at a CNBC event at the Boao Forum for Asia, Li Bo, deputy governor of the PBoC China’s central bank said: “We regard Bitcoin and stablecoin as crypto assets. […] These are investment alternatives.” CNBC reporter Arjun Kharpal commented:
ChinaUnited-statesYu-xiongHainanRussiaGreeceBarcelonaComunidad-autonoma-de-catalunaSpainChineseGreeksDarrell-duffie