Cryptos Are “Not Exactly Money”: IMF Chief Kristalina Georgieva

Sujha Sundararajan
Last updated: | 1 min read
Source: Adobe

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), does not see cryptos anywhere near the Dollar in stature.

Despite the US SEC’s recent green light to a total of 11 spot Bitcoin exchange-traded funds (ETFs), Georgieva emphasized that cryptos are just an investment vehicle.

In an interview with Yahoo, the IMF head  advocated to differentiate between money and assets. “When we talk about crypto, we are actually talking about an asset class,” she commented.

“It is not exactly money. It’s more like a money management fund.”

She also noted that digital assets that are backed up, tend to be more secure and less risky.

That said, Georgieva explained that diversification of portfolio is important, but that doesn’t mean Bitcoin (BTC) is rivaling the Dollar.

“I am not in a rush to turn my Dollars into another currency,” she said. “It doesn’t mean that you shouldn’t, you know, diversify.”

Interestingly, her comments came just hours before the SEC approved the launch of new spot Bitcoin-backed ETFs, according to Yahoo reports.

Georgieva noted that Dollar stands as a dominant currency today because of the size of US economy and the depth of capital markets in the US.

Analyst Suggests to ‘Buy the Dip’

Following the highly anticipated approval of Bitcoin spot ETFs, some crypto industry experts believe in high potential in investments.

Gautam Chhugani, a senior analyst from Bernstein that predicted BTC price to hit $150,000 by 2025, has advised investors to embrace the Bitcoin dip.

“Our simple advice to all investors is — buy the dip and focus on the new Bitcoin adoption cycle. The minor selloffs are opportunities in view of the asymmetric upside ahead.”

Additionally, Coinbase Chief Financial Officer Alesia Haas sees the ETFs approval as “a landmark day for crypto.”

“This is a long journey and this is just one step along the way,” Haas noted. She also believes that the approvals would “invite trillions of Dollars that were previously not able to access crypto assets and not able to access Bitcoin.”