Bank of Japan Governor Haruhiko Kuroda: Bitcoin is not an asset supported by value, bullish on stablecoin applications

On the 27th, Bloomberg interviewed Haruhiko Kuroda, the Governor of the Bank of Japan, discussing topics such as economic recovery policies during the pandemic, the global acceleration of inflation, and specifically mentioning the "Bitcoin trend."

Bank of Japan Governor: Bitcoin is not an asset backed by value

Haruhiko Kuroda stated that there are many types of cryptocurrencies, but because Bitcoin is not an asset backed by value, its price fluctuates dramatically and is basically unsuitable as a means of payment. The purpose of trading is purely speculative, leading to increasingly large price fluctuations.

He further mentioned that stablecoins, such as fiat-backed currencies, are different from cryptocurrencies like Bitcoin. Due to its speculative nature, Bitcoin experiences significant price volatility. However, Kuroda believes that stablecoins will become a very convenient payment method in the future, as long as there are clear regulations and sound governance systems in place, leading to a significant increase in demand.