ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

ECB Vice President: Bitcoin Is Not A Threat To Central Bank Policy



De Silva

On Friday, the vice president of the European Central Bank dismissed bitcoin as “an instrument of speculation.” Vítor Constâncio asserted that bitcoin does not pose a threat to the ECB’s monetary control.

Is bitcoin a viable medium of exchange? Apparently, Vítor Constâncio, vice president of the European Central Bank (ECB), doesn’t think so. On September 22, 2017, while speaking on a panel at the European Systemic Risk Board conference in Frankfurt, the Portuguese economist declared that bitcoin is “certainly not a currency.”

According to Bloomberg, Constâncio even poked a bit of fun in his remarks saying, “I’m surrounded by two Dutch nationals so I can say that bitcoin is a sort of tulip. It’s indeed an instrument of speculation for those that want to bet on something that can go up and down 50 or 40 percent in a few days.”

“We don’t see it as a threat to central banking or monetary policy, that’s for sure,” he added.

Constâncio’s attitude toward bitcoin mirrors that of many prominent investors and financial institutions. Other figures, including JPMorgan CEO Jamie Dimon, have been even harsher in their analyses. Nonetheless, the general consensus seems to be that bitcoin – and many other cryptocurrencies – are in a bubble, though that “bubble” seems to pop almost daily.

The president of the ECB, Mario Draghi, recently addressed the prospect of national cryptocurrencies, a frequently discussed alternative to cold hard cash. When asked about the potential creation of an Estonian cryptocurrency, Draghi shot down the proposal, saying that “no member state can introduce its own currency.” To Draghi, it would be unacceptable for a eurozone nation to generate any currency – digital or tangible.

Constâncio’s remarks today rehashed the common comparison between the cryptocurrency market and the “Tulip Mania” of 17th century Holland. Even as financial leaders scoff at the skyrocketing valuations of cryptocurrencies, they remain interested in the development of the underlying technology. In May 2017, Draghi himself encouraged additional study of distributed ledger technology.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest European Central Bank, bitcoin or other Ethereum world news.