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

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Mon, 12/10/2020 - 17:20
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

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"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).  

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