Governor of Bank of Spain: Crypto Markets Are 'Bigger Than Subprime Mortgages Before the Financial Market Crisis'
Pablo Hernandez de Cos, governor of the Bank of Spain, has again warned about cryptocurrencies and the growth that the crypto market is experiencing. Hernandes de Cos stated that, while the market is still relatively small at a worldwide level, the cryptocurrency market is now bigger than subprime mortgages before the financial crisis circa 2008, and its links with traditional finance keep growing.
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What a crock this is. First he's comparing apples and oranges to foment fear. Secondly, apparatchiks like this are opposed to crypto currency primarily because they can't control it because of its decentralized nature.
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'we must not overlook the fact that this market is already larger than that for subprime mortgages in the run-up to the global financial crisis.' ... And going to collapse another 40 to 65% from current levels.
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Crypto market is huge and it has become so for a short period of time. Cryptos will be more used than fiat soon.
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The risk seems to be that traditional financial institutions may disappear completely over time 😀
It is better not to mix, but to switch only to crypto. I vote for getting paid in usdt :)
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Luffy gelecegin coini
Too late. The two markets are already 'mixed'. At the moment the US Stockmarket leads and crypto follows, but the day may come when the tables turn.
Yet they don’t consider the euro a massive problem for their country 🤦♂️
Comparing BTC to à subprime mortgage , is like comparing an apple to a pile of hot shit .
Bank of Spain, just like other financial institutions like IMF, World Bank and ECB are all against cryptocurrency because it give power to the people, encouraging disintermediation. Subprime mortgages crisis was caused by the greed of banks and hedge funds, not crypto.