Reserve Bank of Australia (RBA) Governor Michelle Bullock has said that cryptocurrencies do not play a significant role in the Australian economy or payments system, despite Bitcoin reaching new records. Speaking at the annual Australian Securities and Investments Commission (ASIC) forum, Michele Bullock criticised the hype surrounding Bitcoin, which is aiming to reach $95,000. The official said that regardless of its rate, Bitcoin is not an alternative currency or money - it is just a semblance of an asset class. “I don’t see what Bitcoin can do for the Australian economy or what benefit it can bring to the Australian financial sector,” Bullock said. ASIC Chairman Joe Longo also expressed skepticism about Bitcoin’s rise, calling it a clear example of the “greater fool theory”. Longo explained that people can make money on overvalued assets if they can be resold at an even higher price to another “fool.” The ASIC chairman sees no point in creating a strategic reserve in bitcoin, which the United States is ready to create.$PNUT