Dedy Swares Sinaga (The Jakarta Post)
PREMIUM
Jakarta ●
Mon, May 31 2021
Bitcoin and other crypto-assets (cryptos) are in the headlines of financial news yet again. For the last few weeks, their prices have been moving like a roller coaster in response to decisions made by authorities. The latest swings are due to policy stances taken by major central banks.
The seemingly synchronized messages of the United States Federal Reserve, the European Central Bank and the People’s Bank of China have further ascertained the notion that these assets, which their fans claim to be a currency, do have significant speculative elements that authorities can influence or even suppress. But to assume the price movements are all about speculation is to lose the bigger picture.
Casual observers are still puzzled by the fact that these newcomers, created in the aftermath of the 2007/08 global financial crisis, manage to share the same alternative inve…
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