Bank of France Governor Dismisses Bitcoin as not Being a Cryptocurrency

If it were up to individual governments, Bitcoin would never be considered a currency. More and more officials are effectively rejecting this idea as blasphemous. The governor of the Bank of France is one of the latest individuals to do exactly that. However, he also mentioned how BTC is not a cryptocurrency either. That is a rather remarkable distinction which makes absolutely no sense.

While Francois Villeroy de Galhau may be a smart individual, he also makes some odd statements.Being governor of the Bank of France gives people a rather unique vision on money. Right now, Bitcoin is not a currency in France. Nor will it be anytime soon, unless the EU suddenly decides to change its stance completely. However, he also mentions how BTC shouldn’t even be labeled as a cryptocurrency. That is a very unusual statement, but his explanation is perhaps even more confusing.

Bank of France Governor is Rather Ignorant

More specifically, the Bank of France governor claims Bitcoin is only a speculative asset. The value is nobody’s responsibility, nor are the risks. It is another statement that is only half true. Bitcoin is, by definition, a cryptocurrency. Just because it has the term “currency” in it doesn’t mean it should be dismissed by the financial experts. Investing in Bitcoin is mainly done for speculative reasons, first and foremost. It carries certain risks which consumers need to be aware of at all times.

It is evident there is a fair amount of confusion regarding some terms lately. Bitcoin is a cryptocurrency, and Villeroy is ignorant for claiming otherwise. We also see the CEO and founder of Bloomberg making some controversial statements. He even referred to his news service as a blockchain, which is potentially the worst statement of the year. So many big words are being thrown around without most people even knowing their definition, it seems.

In the end, the comments by the Bank of France governor will easily be dismissed by the Bitcoin community. Whether or not he recognizes BTC as a currency doesn’t matter in the end. Bitcoin is here to stay and it will find its market regardless of the public’s opinion. Statements like these are more of a cry for attention than anything else it seems. They also come out whenever the Bitcoin price is soaring, as big banks get very nervous when it happens.

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