Copy link
Increase text size
Decrease text size
Link copied

Speculative demand for crypto could reverse, warns Reserve Bank of Australia

Investors could soon be less influenced by fads and FOMO while the high energy usage in Bitcoin and Ethereum mining, as well as crypto's potential use in crime, could increase regulatory scrutiny.

Image by: spelio / Flickr

Mon, 22 Nov 2021, 07:43 am UTC

The Reserve Bank of Australia (RBA) has issued a warning to Australians who have invested or planning to invest in crypto. According to the RBA, there are factors that could cause the “current speculative demand could begin to reverse” and negatively impact the prices of digital currencies.

RBA’s head of payments policy Tony Richards issued his warning in his address to the Australian Corporate Treasury Association last week. The executive gave an overview on crypto assets, stablecoins, central bank digital currencies (CBDCs), and distributed ledger technology.

“A wide range of investors, from households to hedge funds, appear to believe that there is a significant role for cryptocurrencies as investments,” Richards noted. However, he also pointed out that “much of the official sector globally remains skeptical of developments in the cryptocurrency market.”

Richards questioned the explosive growth of two cryptocurrencies during his speech. “The recent boom in this area is perhaps best illustrated by the fact that Dogecoin, a cryptocurrency that was started as a joke in late 2013, had an implied market capitalization as high as US$88 billion in June this year…” he said. “And the Shiba Inu token, which appears to be equally free of any useful function, is currently the ninth-largest cryptocurrency, with a market capitalization of around US$26 billion.”

He also expressed doubts on recent surveys claiming that around 20 percent of Australians own crypto and that 5 percent own Dogecoin. “I must say that I find these statistics somewhat implausible,” Richards said. “I cannot help thinking that the online surveys they are based on might be unrepresentative of the population.”

The RBA executive warned of the possibility that demand for crypto could drop. “I think there are plausible scenarios where a range of factors could come together to significantly challenge the current fervor for cryptocurrencies so that the current speculative demand could begin to reverse, and much of the price increases of recent years could be unwound,” he said.

This could happen if investors become “less influenced by fads” and FOMO. Instead, they would heed the warnings of securities regulators and consumer protection agencies about the risks of investing in crypto.

Richards also said that governments and policymakers could step in due to the high energy usage of crypto mining. He pointed out that Bitcoin (BTC) mining’s annualized energy usage is comparable to that of Thailand, the world's 23rd largest economy in terms of energy consumption while Ethereum (ETH) mining is equivalent to the Philippines, 35th largest economy in terms of energy consumption.

Lastly, tax authorities and agencies responsible for preventing financial crime could dampen the growth of the sector. “There could be a greater focus on the (near) anonymity that many cryptocurrencies can offer, and their potential use in facilitating financial crime and the black economy,” Richards said.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Peacegold
  • 2021.12.04 18:05:55
DR JOHN WHO HELP PEOPLE IN ANY TYPE OF LOTTERY NUMBERS
It is a very hard situation when playing the lottery and never won, or keep winning low fund not up to 200 bucks, i have been a victim of such a tough life, the biggest fund i have ever won was 200 bucks, and i have been playing lottery for almost 9 years now, things suddenly change the moment i came across a secret online, a testimony of a spell caster called dr JOHN, who help people in any type of lottery numbers, i was not easily convinced, but i decided to give try, now i am a proud lottery winner with the help of dr JOHN, i won $1,000.0000.00 and i am making this known to every one out there who have been trying all day to win the lottery, believe me this is the only way to win the lottery.

Contact him on email: [email protected]
Whatsapp : +1 (803) 820 2671 ..
  • 0
  • ·
  • 0
  • Peacegold
  • 2021.12.04 18:05:34
DR JOHN WHO HELP PEOPLE IN ANY TYPE OF LOTTERY NUMBERS
It is a very hard situation when playing the lottery and never won, or keep winning low fund not up to 200 bucks, i have been a victim of such a tough life, the biggest fund i have ever won was 200 bucks, and i have been playing lottery for almost 9 years now, things suddenly change the moment i came across a secret online, a testimony of a spell caster called dr JOHN, who help people in any type of lottery numbers, i was not easily convinced, but i decided to give try, now i am a proud lottery winner with the help of dr JOHN, i won $1,000.0000.00 and i am making this known to every one out there who have been trying all day to win the lottery, believe me this is the only way to win the lottery.

Contact him on email: [email protected]
Whatsapp : +1 (803) 820 2671 ..
  • 0
  • ·
  • 0
  • Patrick098
  • 2021.11.30 10:14:44
I'm living my desired life today because of you Dr Benjamin, I can't thank you enough for making my dream come through, I wouldn't be the man that I am today if you didn't help me win the lottery. A colleague at work told me about this great spell caster called Dr Benjamin who had helped his sister win lottery so when I got home that evening I told my wife about the lotto thing and she liked the idea, immediately we contacted Dr benjamin for help, he gave us assurance that we're going to win but we need to follow his instructions which we did, after 24 hours he gave us the winning numbers and showed us where to play after some few day the winner numbers came out to my biggest surprise the numbers Dr Benjamin gave was among the winning numbers, behold I and my wife won EuroMillions jackpot winners the sum of £114,969,775.70 that was how our lives changed. Dr Benjamin I and my family are grateful for your help, thanks a million times. He can help you win too, you can contact him through his information
Email : [email protected]
Website : Drbenjamintemple.com
Whatsapp :+13344539570
  • 0
  • ·
  • 0
  • Patrick098
  • 2021.11.30 10:14:20
I'm living my desired life today because of you Dr Benjamin, I can't thank you enough for making my dream come through, I wouldn't be the man that I am today if you didn't help me win the lottery. A colleague at work told me about this great spell caster called Dr Benjamin who had helped his sister win lottery so when I got home that evening I told my wife about the lotto thing and she liked the idea, immediately we contacted Dr benjamin for help, he gave us assurance that we're going to win but we need to follow his instructions which we did, after 24 hours he gave us the winning numbers and showed us where to play after some few day the winner numbers came out to my biggest surprise the numbers Dr Benjamin gave was among the winning numbers, behold I and my wife won EuroMillions jackpot winners the sum of £114,969,775.70 that was how our lives changed. Dr Benjamin I and my family are grateful for your help, thanks a million times. He can help you win too, you can contact him through his information
Email : [email protected]
Website : Drbenjamintemple.com
Whatsapp :+13344539570
  • 0
  • ·
  • 0
  • frank4354
  • 2021.11.27 03:45:54
Hi everyone, my name is Francisco!
Top Secret Way To Win Lottery With The Help Of A Magic spell caster called Dr. Prince . I requested a lottery spell, and he cast the spell and sent me the winning lottery number. Now I am a proud lottery winner with the help of Dr.prince . I won $1,000,000.00 ( One Million Dollars) Thank you so much sir for dedicating your time to cast the Lottery spell for me. I am extremely grateful for the Lottery spell you did for me. You can contact him now for your own winning numbers.

Email: [email protected]

WhatsApp him: +18488416266
  • 0
  • ·
  • 0
  • frank4354
  • 2021.11.27 03:45:41
Hi everyone, my name is Francisco!
Top Secret Way To Win Lottery With The Help Of A Magic spell caster called Dr. Prince . I requested a lottery spell, and he cast the spell and sent me the winning lottery number. Now I am a proud lottery winner with the help of Dr.prince . I won $1,000,000.00 ( One Million Dollars) Thank you so much sir for dedicating your time to cast the Lottery spell for me. I am extremely grateful for the Lottery spell you did for me. You can contact him now for your own winning numbers.

Email: [email protected]

WhatsApp him: +18488416266
  • 0
  • ·
  • 0
  • frank4354
  • 2021.11.27 03:45:41
Hi everyone, my name is Francisco!
Top Secret Way To Win Lottery With The Help Of A Magic spell caster called Dr. Prince . I requested a lottery spell, and he cast the spell and sent me the winning lottery number. Now I am a proud lottery winner with the help of Dr.prince . I won $1,000,000.00 ( One Million Dollars) Thank you so much sir for dedicating your time to cast the Lottery spell for me. I am extremely grateful for the Lottery spell you did for me. You can contact him now for your own winning numbers.

Email: [email protected]

WhatsApp him: +18488416266
  • 0
  • ·
  • 0
  • JoshiahKing12
  • 2021.11.25 07:56:08
Many hear about Bitcoin & many other coins but some don't know how to go about it !!!! Don't panic crypto market is a beautiful world ,what you'll need is a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or other coins, and YOU can INVEST your cryptocurrencies with <<MillionaireExchange,org>> sign up ,pick a plan and invest.
  • 0
  • ·
  • 0
  • Danhanwat
  • 2021.11.24 02:51:41
The past 3 months has been hell for me. I lost $545,000 to a OMCMARKETS! These fraudulent company cleaned me off my hard earned money. They kept asking for more deposit and when I didn’t give in they stopped responding to my mails. I was desperate for a refund as I couldn’t pay my mortgage. I got the best Christmas gift in advance for myself and my kids being a single father. COINWALLETRECOUP DOT COM was able to recoup my invested capital in less than 12 working days. God does answer prayers. I am forever indebted to Mr Gary who oversaw the penetration experts who carried out a systematic hack into OMCMarkets database. I have also gone ahead to file complaints directly to the FCA and SEC. How can one not have a moral compassion, lack empathy and have a zero conscience to?!. Very pathetic and despicable. I have become a lot more circumspect because of my experience with OMCmarkets. Contact COINWALLETRECOUP DOT COM Thank me later.
  • 0
  • ·
  • 0
  • Danhanwat
  • 2021.11.24 02:47:21
The past 3 months has been hell for me. I lost $545,000 to a OMCMARKETS! These fraudulent company cleaned me off my hard earned money. They kept asking for more deposit and when I didn’t give in they stopped responding to my mails. I was desperate for a refund as I couldn’t pay my mortgage. I got the best Christmas gift in advance for myself and my kids being a single father. COINWALLETRECOUP DOT COM was able to recoup my invested capital in less than 12 working days. God does answer prayers. I am forever indebted to Mr Gary who oversaw the penetration experts who carried out a systematic hack into OMCMarkets database. I have also gone ahead to file complaints directly to the FCA and SEC. How can one not have a moral compassion, lack empathy and have a zero conscience to?!. Very pathetic and despicable. I have become a lot more circumspect because of my experience with OMCmarkets. Contact COINWALLETRECOUP DOT COM Thank me later.
  • 0
  • ·
  • 0
  • WestonTony905
  • 2021.11.23 20:44:33
I have been working for a year plus to get my credit to 700plus, I felt pretty bad when I checked there wasn’t any improvement. One delighted evening after I closed from work, I sketch through the internet trying to figure out how to bring up my score, I came across lot of articles/testimonies of different kind and one caught my attention speaking and recommending a particular hacking company named TROVIAN CREDIT REPAIR. I quickly write out the details [email protected] or text; +1 (424) 307 4562 and contacted them; thereafter they replied and told me they are fully back in service. To cut the long story short they started with the repair and got my score to exactly 799 and remove all the negative items replacing them with awesome trade lines. Get in touch with them via the above contacts and get your credit perfectly fixed.
  • 0
  • ·
  • 0
More
  • Bitcoin (btc) $48,289.00 (-1.32%)
  • Ethereum (eth) $4,104.90 (-0.24%)
  • Binance Coin (bnb) $538.74 (-3.49%)
  • Tether (usdt) $0.992029 (-0.99%)
  • Solana (sol) $188.85 (-3.50%)
  • Bitcoin (btc) $48,289.00 (-1.32%)
Jul 15, 2021 (Thursday)
13:30
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft