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.
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).