"Cryptocurrencies, not a suitable store of value," claims European Bank 

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If cryptocurrencies' current growth and market integration continue, the bank believes they will become a greater threat to the economy. However, their popularity continues to rise, particularly among retail investors.

Despite this year's volatility in the crypto market, there has been no substantial contagion to the actual economy. However, the ECB believes that this may change.

The ECB's remarks, which were published in a report, come after President Christine Lagarde stated that cryptocurrency is "worthless." The central bank has repeatedly chastised cryptocurrency for its volatility and investment dangers.