Japan's first central bank: Bitcoin 'barely used' for settlement

In an interview with Bloomberg on Thursday, Bank of Japan Governor Haruhiko Kuroda said the vast majority of Bitcoin trading is "speculative and volatility is extraordinarily high." Recent price movements add weight to Kuroda's claim. Bitcoin fell 8% to $ 36,187 last day and 11.31% last week, according to data from Nomics. Most of the crash from historic highs of $ 64,000 in April was caused by a single tweet by Tesla and SpaceX CEO Elon Musk saying the electric car company failed on May 12. citing the environment, it will no longer accept Bitcoin as payment. problems. Tesla and Bitcoin pic.twitter.com/YSswJmVZhP – Elon Musk (@elonmusk) May 12, 2021 The remainder of the damage came from China, with three national payment associations warning against speculative Bitcoin trading earlier last week. Days later, the country's finance committee overseen by the State Council added Bitcoin mining to a long list of financial risks to watch. This is the first time that such a top agency spoke about the industry. Kuroda rejected Bitcoin, citing its volatility, on the grounds that it was "hardly used as a deal tool". Bitcoin supporters have long given up hope that Bitcoin will become a means of payment – whether for daily purchases of goods and services or for financial institutions doing cross-border transactions. Bitcoin is too expensive and too slow to be useful. Instead, BTC supporters view the main cryptocurrency as a store of value like gold. Other coins such as XRP, Litecoin, and Bitcoin Cash are designed for payments; lower rates and faster settlement times make them more attractive. Elon Musk: Lightning Could Solve Bitcoin's Scaling Problem Kuroda's latest criticism of Bitcoin is its backing with thin air. He compared Bitcoin to fixed currencies – cryptocurrencies tied to a particular asset, usually the US dollar. For example, each USDC will be backed by real dollars and

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