Bank of England Governor Says Bitcoin Makes Him "Very Nervous"

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Mon, 10/12/2020 - 17:20
Alex Dovbnya
Bank of England (BoE) governor Andrew Bailey continues to insist that Bitcoin has no intrinsic value
Bank of England Governor Says Bitcoin Makes Him "Very Nervous"
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Bank of England (BoE) governor Andrew Bailey once again expressed his criticism of Bitcoin on Monday, claiming that the world’s largest cryptocurrency has no intrinsic value, Reuters reports

"I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value." 

Bailey adds that he’s “very nervous” about Bitcoin being used as a means of payment.

While admitting that there may be “valid reasons” for owning Bitcoin, the central banker also cautions its investors that the cryptocurrency is extremely volatile.

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Last month, Bailey called for a global regulatory standard for stablecoins during his speech at a Brookings Institution event. 

In the meantime, the BoE is mulling the launch of its own central bank digital currency (CBDC).  

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.