Bitcoin-Hating Bank of England Governor Wants to Pump 'Unlimited' Money into Economy
Andrew Bailey, the newly appointed Bank of England governor, has revealed his plan to pump 'unlimited' money into the economy in order to keep it afloat during the coronavirus pandemic, the Financial Times reports.
Unlimited money printing
The BoE will print more cash with the help of its new paper facility. It will lend cash this money to numerous companies that were hit by the most recent crisis.
This move coincided with the globally-coordinated monetary effort to ease monetary conditions. As reported by U.Today, the U.S. Federal Reserve recently announced a $700 bln QE program on top of slashing interest rates to zero.
Alex DovbnyaThe case for Bitcoin
The pound, the world's oldest fiat currency, recently dropped to its lowest level against the U.S. dollar after the latter saw a spike in safe haven demand. In a span of three centuries, the most enduring government-backed currency has lost more than 99.5 percent of its value.
Notably, the recent printing spree came just two weeks after Bailey slammed Bitcoin for having 'no intrinsic value' and warned its investors that they could lose all their money.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov