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Sweden’s Central Bank Chief Wants 'as Little Bitcoin as Possible' in Country's Financial System: Bloomberg
“It’s an instrument that is impossible to value, and in practice it’s based on pure speculation," Riksbank Governor Erik Thedeen said.
Updated Mar 12, 2024, 2:28 p.m. Published Mar 12, 2024, 2:13 p.m.
- The governor of Sweden's central bank said he wants nothing to do with bitcoin.
- "Right now there's a surge, but we have seen the value collapsing not long ago," Riksbank Governor Erik Thedeen said.
Sweden's central bank governor wants as little bitcoin as possible in the country's financial system, Bloomberg reported Tuesday.
"It's an instrument that is impossible to value, and in practice it's based on pure speculation," Riksbank Governor Erik Thedeen said to reporters after a parliamentary hearing on monetary policy.
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Thedeen cited the collapse of crypto exchanges to support his position at a time when the cryptocurrency market, led by bitcoin, is experiencing a record-breaking bullish run.
"We have seen exchanges in the U.S. collapse and individuals losing money," he said. "Right now there's a surge, but we have seen the value collapsing not long ago, and it is important to warn people who believe there is no limit and that there's free money to be made."
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In 2022, Sweden led European Union regulators in calling for a ban on crypto mining because of energy concerns. The regulators were worried renewable energy will be channeled towards crypto mining instead of national grids at a time when the EU's energy supply was in crisis. In April 2023, Sweden abolished tax incentives for data centers – including the bitcoin mining industry – leading to a threatened 6,000% increase in energy taxes.
Read More: Crypto Advocates Push Back on Sweden's Call for EU Mining Ban
UPDATE (March 12, 14:28 UTC): Replaces lead image.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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