FRANKFURT — Bitcoin is not a currency but a mere instrument of speculation, the vice president of the European Central Bank said on Friday, comparing the digital currency to tulip bulbs during the 17th century trading bubble in the Netherlands. But ECB Vice President Vitor Constancio denied it posed a threat to monetary policy and compared its rise to the 'Tulip mania' seen three-hundred years ago. "Bitcoin is a sort of tulip," Constancio said at an ECB conference. "It's an instrument of speculation ... but certainly not a currency and we don't see it as a threat to central bank policy." Sign Up You agree to receive occasional updates and special offers for The New York Times's products and services.

Source: New York Times September 22, 2017 15:40 UTC