President of the CNMV in Spain is skeptical about cryptocurrencies

The President of the Spanish National Commission for the Securities Markets, Rodrigo Buenaventura, inaugurated the new CNMV headquarters in Bilbao, the third after Madrid and Barcelona, ​​and attended the Norbolsa Markets Forum conference. This was reported in the Basque Chronicle.

In this context, Rodrigo Buenaventura was skeptical about the possibility of generating value for long-term investments from cryptocurrencies.

According to the article in the Basque Chronicle, Buenaventura said, “If a cryptocurrency is volatile and profitable it will not last as a currency and if it does it will cease to be profitable.”

President of the CNMV in Spain is skeptical about cryptocurrencies
President of the CNMV in Spain is skeptical about cryptocurrencies

He also noted that information about the risks of these products is almost always “hidden” through social media messages.

“Only a tiny fraction of the thousands of cryptocurrencies in circulation today can strive to become generally accepted means of payment,” said Buenaventura.

• After declaring that all were hypotheses, he explained that, unlike stocks or other financial instruments, pricing on this type of product has no minimum guarantees. As he has pointed out, nothing prevents someone from consciously manipulating the price of a cryptocurrency, be it through false transactions or information, “they wrote in the publication, citing the head of the CNMV.

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