Bitcoin and Ethereum are Not Currencies: Swedish Central Bank

  • Many Bitcoin bulls push the asset as an inflation hedge and value storage technology, due to its fixed supply and immunity to monetary debasement.
  • Bitcoin also pales in comparison to fiat currency as a medium of exchange, as so few merchants accept direct Bitcoin payments.
  • Riksbank argues that cryptocurrencies lack the stability to function as a store of value, medium of exchange, or unit of account.