Muh Monopoly! How a Banker's Talk Sparked All Kinds of Crypto Mockery

Last week, Agustin Carstens, the head of the Bank of International Settlements, widely considered the central bank of central banks - told cryptocurrency makers to "Stop trying to create money."

Many drew issue with the fact that an institution tied to central banks - which manage the money systems of economies and serve as lenders of that money - would call out anyone over the creation of money from nothing.

It's worth noting that, at the time of the bitcoin network's official launch in January 2009, the world's financial sector was, to quote Satoshi Nakamoto, "On the brink of collapse." That line - "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" - was immortalized in bitcoin's genesis block.

As Coinbase chief technology officer Balaji Srinivasan quipped, bitcoin's creation was steeped in the context of mistrust in banks.

Commentator Matt Odell argued that Carstens got at least one thing "Almost right": that trust is a valuable thing.

While Carstens never came out and declared that cryptocurrencies pose a competitive threat to central bank-backed monies, his organization has touched on the subject in the past.

Harsh stance aside, the BIS noted that "The underlying technology may have promise in other fields" - something other central banks have highlighted before.

Whether Carstens intended to or not, his comments came across as a bit of a competitive challenge to some in the crypto space.

perhaps unsurprising - some observers saw Carstens' commentary as a sign that they should buy more cryptocurrency.

Ultimately, Carstens' call to stop creating new kinds of money may have actually inspired people to do the opposite.