“Bitcoin is not money, it’s barter,” says Central Bank of Mexico
“Whoever receives Bitcoin in exchange for a good or service, we believe that transaction is more akin to bartering because that person is exchanging a good for a good, but nor really money for a good,” Diaz said.
“Bitcoin has more characteristics of a precious metal than a legal tender,” he added.
Diaz said Bitcoin is also not a reliable store of value, reinforcing one of the most popular narratives shared by cryptocurrency flagship advocates of the cryptoactive market.
- Survey: 27% of the US population supports Bitcoin as a legal tender
- Visa CEO says he’s smart enough to invest in Bitcoin now
- Russia central bank says bitcoin is a financial pyramid: “your money will be taken away”
“People are not going to want their purchasing power or their salary to go up or down by 10% overnight. You don’t want this volatility for purchasing power. In this sense, it is not a good store of value”, said the governor.
It’s true that bitcoin is very volatile, as Reuters notes, in April it rose to over $64,000 and fell almost as low as $30,000 in May.