Cryptocurrencies were broadly down on Friday as Sweden’s central bank governor said bitcoin could eventually collapse.
Bitcoin, hit by regulatory crackdowns and concerns over the environmental impact of mining it, had fallen below $50,000, after reaching all-time highs of $63,000 in April.
It managed to claw its way past the $50,000 mark earlier this week but has since tumbled again.
This was despite the fact that Twitter and Reddit users tried to push up the price on ‘bitcoin day’ to celebrate El Salvador’s acceptance of the crypto as legal tender. The rollout was fraught with issues including protests from citizens and tech glitches.
Bitcoin’s woes come as Riksbank Governor Stefan Ingves was reported by Bloomberg as saying: “Private money usually collapses sooner or later. And sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.”