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Home»BITCOIN NEWS»Crypto received a blunt message from the IMF chief: ‘It’s not money.’
BITCOIN NEWS

Crypto received a blunt message from the IMF chief: ‘It’s not money.’

By Crypto FlexsJanuary 16, 20243 Mins Read
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Crypto received a blunt message from the IMF chief: ‘It’s not money.’
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Amid much anticipation approval Regarding Bitcoin spot exchange-traded funds (ETFs), which have sparked excitement in the cryptocurrency industry and opened the door to institutional investment, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said: expressed critical views about it.

Aren’t cryptocurrency assets the same as money?

In recent years interview Speaking with Yahoo Finance, Georgieva emphasized the distinction between money and cryptocurrency assets when discussing cryptocurrencies.

According to Georgieva, cryptocurrencies should be considered an asset class rather than a form of currency. She highlighted the different levels of security and risk associated with different cryptocurrencies depending on whether the asset backs them or not. Georgieva likened cryptocurrencies to money management funds rather than a form of real money. The International Monetary Fund (IMF) director argued:

Our view is that a distinction must be made between money and assets. When we talk about cryptocurrencies, we are actually talking about an asset class. It could be safer and less risky because you can back it up, or it could be a riskier investment because you can’t back it up. But it’s not exactly money. It is more like a money management fund.

Interestingly, according to Yahoo, Georgieva’s comments came just hours before the U.S. Securities and Exchange Commission (SEC) approved the launch of a new spot Bitcoin-backed ETF.

This regulatory approval allows the following financial institutions: Cathy Wood’s Ark and BlackRock introduce these ETFs. A total of 11 spot Bitcoin ETFs have been approved, giving regular investors exposure to the world’s largest cryptocurrency without having to own it directly.

While debuting Bitcoin ETF Georgieva marks a significant milestone for the cryptocurrency industry and signals growing institutional acceptance. Georgieva remains cautious about the potential for cryptocurrencies to compete with traditional currencies such as the U.S. dollar.

Georgieva emphasized that the dollar’s dominance is “supported” by the size of the US economy and the depth of its capital markets. Georgieva believes that a scenario where cryptocurrencies challenge the value of the dollar is still far in the future and not an urgent issue.

Analyst Urges Investors to Embrace Bitcoin Dip

The approval of the spot Bitcoin ETF was heralded as a landmark day for the cryptocurrency industry, with industry experts predicting a surge in investment.

Related reading: Ripple CEO Garlinghouse to speak at World Economic Forum

Analysts such as Bernstein’s Gautam Chhugani advise investors to view minor sell-offs as opportunities, highlighting Bitcoin’s asymmetric upside potential. Chuguni said:

My simple advice to all investors is to buy the dip and focus on the new Bitcoin adoption cycle. Small selling is an opportunity given the asymmetric upside potential ahead.

Coinbase Chief Financial Officer Alesia Haas, on the other hand, views ETF approval as follows: catalyst This will attract trillions of dollars of previously inaccessible cryptocurrency assets.

The daily chart shows the price decline of BTC following the ETF’s approval. Source: TradingView.com BTCUSDT

Since the ETF’s approval, Bitcoin has experienced a retracement and is currently trading around $42,700, down 6% over the past seven days. The ETF’s long-term impact on the price of Bitcoin and the broader industry is yet to be determined.

Featured image from Shutterstock, chart from TradingView.com

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