France: Bitcoin Has No Economic Basis
France: Bitcoin Has No Economic Basis

France: Bitcoin Has No Economic Basis

France: Bitcoin Has No Economic Basis

Bitcoin’s dramatic gains have continued this week but it remains prone to wild fluctuations in value. The French central bank has entered the fray—they say it is not a currency and has no economic basis, DW reported. The Bank of France has issued a strong warning against further speculation on bitcoin, saying that the cryptocurrency has no economic basis and is a tool of speculation rather than a currency. Bitcoin has been making headlines all year, having gone from a valuation of $700 per bitcoin at the start of 2017 to a valuation of $11,000 in recent days. Its dramatic growth, combined with a regular penchant for volatility (it dropped back by 20% on Thursday from the $11,000 high), has led to much discussion as to whether bitcoin is a dangerous fad or the exciting crest of the wave of the future. Giants of the global financial system such as JPMorgan Chase and Goldman Sachs have already been highly critical of bitcoin, openly questioning its viability.


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