Bitcoin

After Lagarde’s words, Bitpanda’s CEO says that Bitcoin cannot be seen from the same angle as fiat money

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Eric Demuth, CEO and founder of Bitpanda, came out to answer Lagarde’s statements on regulating Bitcoin and cryptomonies

The President of the European Central Bank, Christine Lagarde, recently reiterated her insistence on regulating Bitcoin and other cryptosystems, as well as the future of digital assets. In this context, Eric Demuth, CEO and founder of Bitpanda, went out to answer these statements.

„Lagarde makes good points about regulation and the need to eliminate any ‚funny business‘ and illegal actions. (…) Bitpanda has always been adamant about compliance with legislation and regulatory measures in all markets in which we operate. Regulation is critical to the maturity of a new asset class. If Europe adopts a smart regulatory approach, it has the opportunity to become the leader in this new technology,“ said Demuth.

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He added: „Regulation is one of our top priorities and we value its importance in preventing and driving bad players out of the market. However, we cannot see Bitcoin from the same angle as fiat money“.

„Unlike fiat currencies, such as the euro or the US dollar, the value of Bitcoin is not defined by a single entity such as a central bank – it is defined by supply and demand – or in simpler terms, by the price people are willing to pay for it. Bitcoin is a store of value, an enhanced version of gold for the digital age,“ remarked Bitpanda’s CEO.

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For Demuth, Bitcoin has been the best performing asset in the last decade: „Given how young this asset class is, and therefore how low its market capitalisation is compared to gold, it’s incredible to see how the industry has developed. The top US asset managers understood the implications of Bitcoin in 2020, and the importance of having this new asset in their portfolio.

„In all honesty, I strongly believe that the ECB should consider adding Bitcoin to its balance sheet, something that I believe will be inevitable in the near future,“ Demuth concluded.