Bitcoin heads towards $15,000 as RBS chair calls for 'Dante's Inferno' warning – business live

Royal Bank of Scotland’s chairman says central bankers should hand the ‘abandon hope’ warning over bitcoin

11.29am GMT

The FT points out that Bitcoin has hit $15,000 on some crypto-exchanges.

Bitcoin crosses above $15,000 on some exchanges

10.58am GMT

Sir Howard Davies, the chairman of Royal Bank of Scotland, has issued a dire warning against investing in bitcoin.

Speaking on Bloomberg TV, as bitcoin headed towards $15,000, Davies warned that the digital currency looked like a “frothy investment bubble”.

All the authorities can do is put up the sign from Dante’s Inferno – ‘Abandon hope all ye who enter here’.

That’s what’s needed, and it need to come from the Federal Reserve, the European Central Bank and the Bank of England at the same time.

The market is telling us something about the need for new faster payments systems. [But] I personally don’t think it’s bitcoin in the long run.

RBS Chairman Howard Davies says he “can’t see” how bitcoin could be outlawed after it hits $15,000 for the first time

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December 7th, 2017 by