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Dutch Official Predicts Crypto Market Crash, Says ‘the Netherlands Must Ban Bitcoin Now’

The top dog of the Netherlands’ Bureau for Economic Policy Analysis, a part of the country’s Ministry of Economic Affairs and Climate Policy, has presaged “The ultimate collapse of the crypto bubble.” He urges the government to ban bitcoin and other cryptocurrencies immediately. However, the country’s pay for minister disagrees that banning cryptocurrency is right for the country.

CPB Director Wants Cryptocurrencies Banned

Pieter Hasekamp, governor of CPB Netherlands Bureau for Economic Policy Analysis (CPB), published an article on the official CPB website Friday titled “The Netherlands essential ban bitcoin.” The article was originally written for publication in the daily newspaper Het Financieele Dagblad.

The CPB is a part of the Ministry of Economic Matters and Climate Policy. Its director is appointed by the minister, in consultation with other members of the government. However, the CPB is fully self-governing as far as the contents of its work are concerned, the bureau’s website states. As the country’s central planning office, the CPB does scientific exploration aimed at contributing to the economic decision-making process of politicians and policymakers.

Hasekamp has been the director of the CPB since March 1, 2020. He was at one time director-general for tax affairs at the Ministry of Finance and director of health insurance at the Ministry of Health, Welfare and Sport.

After researching the use of cryptocurrencies as money, he concluded:

Cryptocurrencies are unsuitable as a unit of account and means of payment outside the criminal circuit; its use as a bank of value is based on the hope that cryptocurrencies will one day replace real money. But that’s not going to happen.

The headman continued: “Cryptocurrencies are essentially neither money nor a financial product, but an example of what Nobel laureate Robert Shiller summonses a contagious narrative: a contagious story in which people believe because other people believe in it. Gresham’s law is changed by Newton’s law: what goes up, must come down.”

Shiller, however, recently said that he was considering convening active in the BTC market. Calling Bitcoin “an impressive technology,” the Nobel laureate said he has been tempted to get into cryptocurrency.

Nonetheless, Leader Hasekamp emphasized:

The ultimate collapse of the crypto bubble is inevitable … The Netherlands must ban bitcoin now.

He further said that “Various countries are now taking steps to curb the crypto hype, due to harmful consequences – fraud, criminal use, gambling addiction, economic instability, not to mention the enormous energy waste in production.”

The director warned that the Netherlands is lagging behind other rural areas in its attempts to regulate cryptocurrency trading platforms.

Hasekamp noted: “cautious regulation can also backfire: it legitimizes crypto as a bona fide monetary product. Recent developments show that it is time to act: the longer we wait, the greater the negative consequences of the eventual force.” He concluded, “The ultimate step is a total ban on production, trading and even possession of cryptocurrencies.”

However, the Dutch finance woman of the cloth, Wopke Hoekstra, reportedly said Friday that banning is not the solution for the Netherlands right now. While acknowledging the CPB conductor’s concerns, the finance minister believes that it is better to monitor the crypto industry. He was quoted as saying:

My observation now is that that is multitudinous effective than a total ban in the Netherlands.

What do you think about the CPB director’s ban recommendation? Let us know in the comments section less.

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