Carstens, Banker of Banks Crying Foul Over Cryptos

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Episode #8

Another day, another banker slamming cryptocurrency as a “fraud.” First it was Jamie Dimon of JP Morgan (although he came to regret that), now it’s Agustin Carstens.

Carstens, the head of the Bank for International Settlements (BIS) slammed bitcoin as “a combination of a bubble, a Ponzi scheme and environmental disaster.” The latter we suppose because of the energy consumption needed to mine it.

Funny… similar words could be used to describe the many financial crises directly caused by banks — most recently in 2008.

And we should not forget the illegal money laundering by HSBC in Carstens’ native Mexico, where he served as Deputy Secretary of Finance.

What do you think — Does the BIS have it right, or is it actually just BS?