{"id":36246,"date":"2021-02-11T10:14:27","date_gmt":"2021-02-11T08:14:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36246"},"modified":"2025-08-29T05:22:10","modified_gmt":"2025-08-29T02:22:10","slug":"bank-of-canada-calls-bitcoin-rally-a-speculative-mania","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bank-of-canada-calls-bitcoin-rally-a-speculative-mania\/","title":{"rendered":"Bank of Canada calls bitcoin rally a &#8216;speculative mania&#8217;"},"content":{"rendered":"<p>Timothy Lane, deputy governor of the Bank of Canada, called the bitcoin bull run speculative. He said that cryptocurrencies are suitable only for &#8216;illicit activities&#8217;.<!--more--><\/p>\n<blockquote>\n<p>&#8220;The recent surge in the prices of digital assets looks not like a trend but like a speculative mania. Even in an increasingly digital economy there is no reason for cryptocurrencies such as bitcoin to become the money of the future,&#8221; Lane added.<\/p>\n<\/blockquote>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/9Pl4VvpYi8s\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>According to him, digital assets are suitable only for illicit activity, where &#8220;anonymity outruns all other functions&#8221;. Lane noted high transaction fees and the unstable purchasing power of cryptocurrencies.<\/p>\n<p>The executive said that the hype around bitcoin&#8217;s price is nothing more than speculation, because &#8220;one loud tweet is enough to trigger a sudden spike in the price&#8221;.<\/p>\n<p>On February 8, <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musks-tesla-invested-1-5-billion-in-bitcoin-the-assets-price-rose-to-44800\">Tesla invested $1.5 billion in bitcoin<\/a>, after which the asset&#8217;s price began to rise sharply and in less than a day surpassed the $48,000 mark. At the time of writing, the first cryptocurrency was trading at around $44,400.<\/p>\n<p>Former head of the Office of the Comptroller of the Currency (OCC) within the U.S. Treasury Brian Brooks described Tesla&#8217;s investments in bitcoin <a href=\"https:\/\/u1f987.com\/en\/news\/brian-brooks-says-teslas-bitcoin-investment-is-both-thrilling-and-alarming\">as both exhilarating and alarming<\/a>.<\/p>\n<p>Former Goldman Sachs investment director Gary Black <a href=\"https:\/\/u1f987.com\/en\/news\/former-goldman-sachs-top-executive-sells-tesla-shares-after-bitcoin-investment\">sold the shares<\/a> of the electric-car maker after the company shifted part of its reserves into digital gold.<\/p>\n<p>Earlier, former Canadian prime minister Stephen Harper <a href=\"https:\/\/u1f987.com\/en\/news\/ex-canadian-prime-minister-sees-bitcoin-and-cbdcs-contesting-the-dollar-for-reserve-currency-status\">acknowledged<\/a> the possibility of a clash between bitcoin and the dollar for reserve-currency status.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the whole news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Timothy Lane, deputy governor of the Bank of Canada, called the bitcoin bull run speculative. He said that cryptocurrencies are suitable only for &#8216;illicit activities&#8217;.<\/p>\n","protected":false},"author":1,"featured_media":36247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1951,18,1138],"class_list":["post-36246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-canada","tag-bitcoin","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=36246"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36246\/revisions"}],"predecessor-version":[{"id":36248,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36246\/revisions\/36248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/36247"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=36246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=36246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=36246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}