Reserve Bank of Australia (RBA) Governor Michele Bullock, Bitcoin 
$91,170He stated that ‘ is not suitable as a currency in the Australian economy. Speaking at the same forum, Australian Securities and Investments Commission (ASIC) Chairman Joe Longo argued that Bitcoin does not have a sustainable value. These statements came after the recent fluctuations in the cryptocurrency market.
“Bitcoin is Not Money, It is an Asset”
RBA Governor Michele Bullock did not describe Bitcoin as a currency in her speech at the ASIC annual forum. He made it clear that Bitcoin has no role in the economy and payment systems. Bullock stated that Bitcoin can only be considered as an asset class.
“Bitcoin is not a currency or cash. “This is just one asset class.”
Michele Bullock, RBA Governor
Bullock emphasized that Bitcoin cannot be integrated into the local economy. According to him, Bitcoin’s nature makes it impossible for it to be compatible with local payment systems. These comments triggered new debates about the role of cryptocurrencies in the world of traditional finance.
ASIC Chairman: “Big Idiot Theory”
ASIC Chairman Joe Longo also criticized the fluctuations in Bitcoin’s value. Longo called Bitcoin’s recent rise the “great fool theory.” This theory states that investors act in the hope of selling overvalued assets to others. “The recent crypto rally is a clear example of the ‘great fool theory’ in other words,” Longo commented. he said.
Bitcoin’s price has been volatile recently. Following political developments in the USA, Bitcoin fell below $ 90,000. However, it recovered and started trading at $90,388. This situation once again revealed the volatility of the crypto market.
Uncertainty About Cryptocurrencies Continues
Swissblock analysts emphasized that Bitcoin’s fundamentals are strong. However, analysts noted that it may take several tries for Bitcoin to reach the $100,000 level. Closing of over-leveraged positions and volatility are among the biggest obstacles in this process. Swissblock Analysts “It is possible for Bitcoin to reach new highs. But we must remember that this path is not a straight line.” he said.
On the other hand, the Fear and Greed Index dropped from 90 to 83. Still, the index remaining at the “Extreme Greed” level shows that investors’ risk appetite is still high. According to experts, investors need to act more cautiously in such an environment.
These criticisms in Australia have raised questions about Bitcoin’s place in traditional economies. The future of the cryptocurrency market seems to be shaped by global regulations and market dynamics.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
