Davos is clear on bitcoin: It’s an interesting investment, but please don’t call it a currency. Bitcoin’s stripe bitcoin stock ascent has transformed it from a tech industry curiosity to a major topic of discussion at this year’s World Economic Forum. Yet the consensus in Davos, Switzerland, is that bitcoin will never be as useful as the dollar or yen in the real world.
The central banks have been nurturing the system for centuries we’ve got a good thing going on,” Nobel laureate Robert Shiller said at a debate about the cryptocurrency. Cecilia Skingsley, deputy governor of Sweden’s central bank, said she had “no problem with people using as an asset to invest in. But it’s too volatile to be used as currency,” she added. 11,000 after a series of exchange closures and talk of increased regulation raised concerns over the digital currency’s future. Even Davos attendees who have invested in bitcoin said its utility as a currency is limited. Jennifer Zhu Scott, an entrepreneur and cryptocurrency investor, described it as a “store of value. I don’t think it’s a currency, it’s disrupting gold,” she said.
A cryptocurrency can do what gold is doing much better. The comments reflect growing anxiety over the real world applications for bitcoin, which is accepted at a smattering of retailers but has failed to find widespread acceptance. Leading online payments company Stripe said this week that it will stop processing bitcoin transactions in April. It said the huge volatility in bitcoin prices has made it impractical for making and receiving payments. Top government officials in Davos also signaled that digital currencies have a long way to go.
We encourage fintech, we encourage innovation, but we want to make sure that all of our financial markets are safe and aren’t being used for illicit activities,” said U. British Prime Minister Theresa May echoed that sentiment, telling Bloomberg that her government would look “very seriously” at cryptocurrencies “because of the way they are used, particularly by criminals. Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc.
Terms under which this service is provided to you. Airlines nosedive: Fears of a looming price war have hit U. Davos awaits Trump: President Trump landed in Zurich, Switzerland early Thursday, and will fly on to the mountain resort town of Davos for the World Economic Forum’s annual summit. Trump is set to address the meeting on Friday to push his “America First” agenda. His attendance — the first by a U.