THELOGICALINDIAN - The admission governor of the Philippine axial coffer Felipe Medalla has appropriate that bodies that advance in cryptocurrencies like bitcoin are adherents of the Greater Fool Theory He additionally argued that bodies advance in cryptocurrencies are accomplishing so because they appetite to adumbrate their money from the government
A ‘Very Scary’ Investment Strategy
The new governor of Bangko Sentral ng Pilipinas (BSP), Felipe Medalla, has claimed that bitcoin investors alone buy the cryptocurrency because they are assertive that addition abroad will buy the aforementioned agenda asset at a college price. According to Medalla, who batten at a basic roundtable altercation that was organized by a bounded media outlet, such an advance action is “very scary.”
Also, as reported in Business World, Medalla believes the amount hypothesis of cryptocurrencies is based on the alleged Greater Fool Theory. According to Investopedia, the approach asserts that prices go up because investors can advertise cher balance to added investors or the “greater fools.” Investors subscribing to this approach are accepted to avoid valuations, balance reports, and all the added data.
Using Crypto to Hide Funds
In accession to the Greater Fool Theory claims, which were additionally recently raised by Bill Gates, the admission BSP governor said bodies that accept to advance in cryptocurrency do so because the agenda bill gives them an adeptness to adumbrate their holdings. He explained:
While the BSP does not anon adapt cryptocurrencies, it has issued guidelines that crave basic asset account providers (VASPs) to defended a authorization from it. Medalla, meanwhile, is quoted in the aforementioned address cogent his approval of the appliance of apperceive your chump (KYC) and anti-money bed-making behavior on VASPs.
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