Kristalina Georgieva, managing director of the International Monetary Fund (IMF), has said shortly after the SEC's approval of Bitcoin ETFs that cryptocurrencies are nothing more than an investment instrument.
According to her:
"Our view is that we have to differentiate between money and assets. When we talk about crypto, we are actually talking about an asset class. It could be backed up and in that sense, more secure and less risky, or it could be not backed up and, therefore, a riskier investment. But it is not exactly money. It's more like a money management fund."
She has added Bitcoin is unlikely to be able to compete in popularity with the US dollar.
Georgieva has explained:
"Look, this day, if it exists, is so far in the future that I think it is not very useful to talk about it. Why is the dollar today a dominant currency? Because of the size of the US economy and, most importantly, the depth of the capital markets in the US."