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Highlights
- The Governor of the Bank of Spain has warned about the risks associated with cryptocurrency.
- De Cos’ not-so-flattering assessment of crypto was also displayed when he warned of the potential for Spain to become unable to manage monetary policies.
- Panelists from Finder released a prediction report, saying Dogecoin would reach $0.163 per token in 2022.
The Governor of the Bank of Spain has warned about the risks associated with cryptocurrency.
Bank of Spain Governor, Pablo Hernandez de Cos speaking during the inauguration of the second Finance Observatory mentioned about the risks associated with mixing traditional assets with crypto assets in the banking system. De Cos said direct or indirect exposure to digital assets would increase the risks associated with the financial institutions, which is constantly rising due to the integration of crypto services within these platforms.
In particular, de Cos pointed towards Stablecoins, which he said had become direct competitors of the banks, due to their ties to national currencies.
De Cos’ not-so-flattering assessment of crypto was also displayed when he warned of the potential for Spain to become unable to manage monetary policies.
Spain has been creating a cryptocurrency regulatory framework that seeks to prevent illegal activities by introducing an obligatory registry for VASPs operating in Spanish territory last year.
Altcoin News
A group of panelists have forecasted Dogecoin’s future price and it’s considerably lower than previous predictions.
Panelists from the product comparison platform Finder released a prediction report, saying the popular meme coin would reach $0.163 per token in 2022.
Finder’s most recent prediction is a marked decrease on predictions made in July last year, which forecasted the value to be US$0.31 and the end of 2021.
The 2022 forecasted figure is only 16.5% higher than its current price of US$0.129.
Dogecoin exploded last year after being introduced in 2013 as a joke satirising Bitcoin. It’s booming popularity last year gave rise to a number of dog-themed cryptos, including Shiba Inu token and Baby Doge.
Dogecoin’s success has been largely attributed to Tesla chief executive Elon Musk, whose enthusiastic tweets about the coin have been correlated with steep rises in Dogecoin’s value. Conversely, Musk has also been blamed for Dogecoin’s falling price. In May last year, Musk appeared on Saturday Night Live where he called Dogecoin a hustle in a skit. As a result, the dog-themed crypto took big tumble almost immediately following Musk’s appearance.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
