Wednesday, October 21, 2020

BoE governor continues to assert Bitcoin has ‘little intrinsic value’

Must Read

Pro Super Smash Bros player to receive salary in XRP

A high-profile gamer is joining SBI Holdings’ gaming arm, signing a contract to receive his salary in major cryptocurrency XRP.Kengo “Ken” Suzuki, a professional...

We are working on the Ethereum Token Bridge all day long!

Hey Warriors ⚔️ We are working on the Ethereum Token Bridge at the moment: This is the bridge between the Bidaochain and the Ethereum chain...

Bank of England Governor Andrew Bailey’s position on crypto apparently hasn’t changed despite the economic fallout of the pandemic in the United Kingdom.

According to an Oct. 12 report from Reuters, Bailey spoke at a Bank of England, or BoE, question and answer session with members of the U.K. public on Monday. At that time, he stated that he was “very nervous” about people using Bitcoin (BTC) for payments. The governor said people should consider the asset’s volatility when it came time to invest.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” said Bailey. “It may have extrinsic value in the sense that people want it.”

The BoE governor’s statement is a reaffirmation of his thoughts on the cryptocurrency. During his time as the head of the U.K.’s Financial Conduct Authority, Bailey told members of the Parliament at a Treasury Select Committee hearing that investors should “be prepared to lose all [their] money” as the crypto asset holds no intrinsic value.

This story is developing and will be updated.

Popular This Week

🔥 Bitcoin on Fire!! 12K IMMINENT

Bitcoin Decoupling from S&P 500 | MicroStrategy and Square Investing in BTC | Michael Saylor and Network Hashrate | Crypto.com giveaway and EGLD 50%...

Bitcoin Decoupling, Binance Jersey, ETH 2.0 Weeks Away, Filecoin Trouble & 80% In Bitcoin

NEW CHANNEL: https://www.youtube.com/channel/UCH9HlTrjyLmLRS0iE1P4rrg I also play video games! https://www.youtube.com/channel/UCvXjP6h0_4CSBPVgHqfO-UA ------------------------------------------ Rich Dad Poor Dad: https://amzn.to/3cKJ4Ia Computer I Use To Record: https://amzn.to/2V2F3bn Headphones I Use: https://amzn.to/3ccAUrf Chair I use: https://amzn.to/2XpUmg5 My Desk: https://amzn.to/3ei7mtZ I love this Mic: https://amzn.to/2yUElV9 ---------------------------------------------------------------------------- Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect...

Game theory meets DeFi: Bouncing ideas around tokenomic design

Jack Lu, 23, was struck by the idea for his new DeFi platform Bounce while working on his thesis on game theory and cryptocurrency...

Price analysis 10/14: BTC, ETH, XRP, BCH, BNB, LINK, DOT, ADA, LTC, BSV

The bond yields across most developed economies have dropped sharply since the central banks unleashed a slew of measures to counter the economic crisis...

The US Crypto Enforcement Framework Is a Warning to International Exchanges

The Department of Justice (DOJ) just fired a warning to crypto exchanges worldwide: Comply with U.S. law or face the potential wrath of the...

China’s Digital Yuan Blurs the Lines Between CBDCs and Crypto

Central Bank Digital Currencies (CBDCs) are rapidly gaining prominence in discussions around the future of money. The many dimensions of debate, whether policy, economic...

CoinDesk Joins IMF, CFTC, Swiss FINMA at DC Fintech Week

CoinDesk is partnering with DC Fintech Week, one of the world’s premier policy and regulation-focused digital currency conferences, to produce a special edition of...

BitMEX charges send ‘a message’ to global exchanges: Crypto Mom

United States Securities and Exchange Commissioner Hester Peirce — better known as “Crypto Mom” — believes the recent action against BitMEX may be a...