Despite the huge growth in popularity of bitcoin (BTC) and the world of cryptocurrencies, a number of major banks remain critical. Earlier last month it was already revealed that the largest bank in Europe, HSBC, bitcoin and crypto were not at all interested.
Now the CEO of Sberbank, Herman Gref, is also speaking out about the largest cryptocurrency. In an interview with a local television channel, Gref calls bitcoin “the riskiest type of investment”.
Gref compares investing in bitcoin to putting money in the bank. According to him, the bank is by far the safest option in that comparison. “100% reliable, but not very profitable unfortunately”. While he is of course sharing factual information here, it’s unlikely that many people will use bitcoin investments in the same way as bank deposits.
CEO of Russia’s second-largest bank, Andrey Kostin, expressed a similar view in an interview conducted by Bloomberg. “We don’t like bitcoin at all. We believe it is similar to making fake money. Someone is mining somewhere, mining like in the Middle Ages, and then using the currency.”
Kostin also stated in his interview that he does believe that Central Bank Digital Currencies (CBDCs) will eventually replace non-state cryptocurrencies. Ultimately, this will lead to more central bank power, but Kostin says smaller banks need not worry about this.
These CEOs are clearly still quite opposed to the idea of widely used cryptocurrencies at this point. However, in recent times we have seen more and more that opponents slowly turn into proponents. Whether that will also be the case in the case of these two CEOs remains to be seen.