Gita Gopinath, the first deputy director at the International Monetary Fund IMF, said she had steered clear of cryptocurrencies and has not invested a single dollar in them.
She said that everyone needs to be aware that cryptocurrencies are extremely risky and speculative. Gopinath spoke about the steep fall in the global market cap of cryptocurrencies and how they halved within a few months.
She said it went from a three trillion-dollar market to a one and half trillion-dollar market in six months. Gopinath said that it is not an easy return market, because of the promise of easy and high returns. The investors are taking a very large risk. Gopinath believes thatcryptocurrencies need to beregulated because of the risk involved in investing and trading in cryptocurrencies, as well as other central bankers and economists.
Gopinath stressed that there is a need for regulation of cryptocurrencies like every risky asset. When asked whether Gopinath had also invested in cryptocurrencies and other criptocurrencies, she replied, "I have stayed away fromcryptocurrencies completely." I have a level of risk aversion.