More

    Next Bank of England Governor Says “Bitcoin Hasn't Caught on Much” – Ok Banker!

    • Bitcoin has “no intrinsic value” – says BoE’s Andrew Bailey
    • Bailey warns bitcoin investors to be prepared to lose all of their money

    No matter the growth bitcoin network and bitcoin price see, the skeptics will remain doubtful of the world’s leading cryptocurrency. Some, like billionaire investor Warren Buffett, believes cryptos are worth zero because they don’t produce anything while others believe it’s a bubble ready to burst.

    The Bank of England governor, Andrew Bailey is yet another bitcoin skeptic who says crypto-assets don’t have any intrinsic value.

    Salty Much!

    In a meeting with the Treasury Committee of parliament on Wednesday, Bailey warned crypto investors to be prepared to lose all their money. Bailey said in a tweet,

     

    Given that bitcoin has been the best performing asset of the last decade, recording 9 million percent of gains, losing all your money seems too salty. As economist and trader Alex Kruger jokes, “he bought the top in December 2017, panic sold in December 2018.” Back in the 2017 bull run, Bailey gave investors a similar “serious warning.”

    Bitcoin might have lost 84% of its value during the crypto winter of 2018 but it is back on the track to a new high as BTC trades above $9,000.

    As for having no intrinsic value, bitcoin proponents have repeatedly argued that the crypto asset is just like fiat currency that doesn’t have any intrinsic value either and relies on people’s faith in them.

    Leaving under the Rock

    The Chief of Financial Conduct Authority (FCA) is in line to replace current governor Mark Carney this month. Working as a delegate governor, Bailey believes bitcoin “has not caught on much.”

    Looks like, he doesn’t pay any attention to the market development at all, rather keeps to his bias. In the past 11 years, the cryptocurrency has grown to a market capitalization of $160 billion.

    The number of crypto-related ATMs has grown to over 7,000 while institutions keep on entering the market and introducing new products. Gabor Gurbacs, digital asset strategist/director at VanEck/MVIS argues in a tweet,

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,366FansLike
    2,784FollowersFollow
    4,136FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    National Internet Finance Association of China Warns Against Manipulative Crypto Exchanges

    The National Internet Finance Association of China(NIFA) has issued a warning for investors who have been associated with the crypto-verse about the growing risks...

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.