Governor of Sweden's central bank blasts Bitcoin as 'pure speculation'

SWEDEN'S top banking chief has branded Bitcoin as 'pure speculation' that doesn't belong in the nation's financial system.

Speaking after a parliamentary hearing earlier today, Erik Thedeen, governor of Stockholm's central bank, warned Swedes off investing in cryptocurrency.

“I want as little Bitcoin as possible in the Swedish financial system,” he said.

“It’s an instrument that is impossible to value, and in practice it’s based on pure speculation.”

The Riksbank governor’s words echo those of his predecessor - Stefan Ingves - who often quipped that trading in crypto was the same as trading postage stamps.

Thedeen did, however, concede that Bitcoin did not threaten Sweden's financial stability, but he felt it was a risk to individual investors.

“We have seen exchanges in the US collapse and individuals losing money,” he added.

“Right now there’s a surge but we have seen the value collapsing not long ago, and it is important to warn people who believe there is no limit and that there’s free money to be made.”

‍