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Bitcoin does not fulfil the basic properties of money. It is a speculative asset
Bitcoin does not fulfil the basic properties of money. It is a speculative asset without any recognisable fundamental value and is subject to massive price swings. Trust in cryptocurrencies might rapidly evaporate, causing disruption in financials markets. 13/14
— Isabel Schnabel (@Isabel_Schnabel) April 9, 2021
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In order to introduce a digital euro, a great deal of preparatory work needs to be done to enable the project to be properly set up. No other institution can offer a similar degree of security and data protection as the ECB. 14/14
— Isabel Schnabel (@Isabel_Schnabel) April 9, 2021
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Schnabel Interview with Der Spiegel
Ms Schnabel, the global economy is only slowly recovering from one of the most severe economic crises in living memory, but the mood on stock markets is better than ever. Do you find that a cause for concern? We are closely monitoring this. Developments in Europe have not been extreme up to now, but there are signs of excesses here too, for example in the real estate market. In the United States, the cyclically adjusted price/earnings ratio is now higher than it was before the financial crisis of 2008. Have equity and real estate prices reached such heig