U.S. Federal Reserve Chair Janet Yellen may not think that cryptocurrencies play much of a role in the economy, but the head of the Bank of Canada said that the hype surrounding bitcoin keeps him awake at night.
Bitcoin ‘Keeping Me Awake at Night: Canadian Banking Chief
In a year-end speech titled “Three Things Keeping Me Awake at Night,” Stephen Poloz, governor of Canada’s central bank, told attendees at the Canadian Club of Toronto that three of his chief concerns heading into the new year are cyber threats, rising household debt due to the cost of housing, and the difficulties that younger Canadians face when trying to find employment.
However, before he concluded his speech, Poloz confessed that there is something else that causes him to lose sleep: “the noise I keep hearing about cryptocurrencies, especially Bitcoin.”
In true Festivus tradition, Poloz aired his list of grievances against bitcoin, beginning with the “misnomer” of calling it a cryptocurrency………