• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bank of England. flags.
Nexo

Bank Of England Bashes Cryptocurrencies… While Considering A CBDC

Eduardo Próspero by Eduardo Próspero
1 year ago
in UK Crypto News, Bitcoin, Bitcoin Politics
0

The Governor of the Bank of England, Andrew Bailey, made the organization’s current position on cryptocurrencies clear in a recent press conference. When asked about the incredible year that the crypto-space is having, he speared no bullet: 

They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value. I’m going to say this very bluntly again, buy them only if you’re prepared to lose all your money.

Was Bailey toeing the party line or is he really that naive? Part of the intrinsic value of Bitcoin, a decentralized payment system, is clear as day. It doesn’t need a Governor, or even a Bank of England. Even though, maybe, Bailey is offering extremely sophisticated critique and advice. Because you should really only invest money you can afford to lose. Bitcoin might be mankind’s last financial hope, but the whole network is still an experiment.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | A Recap of the Billionaires That Are Big Fans of Bitcoin

In any case, there’s a slight change in tone compared to the words of Mark Carney, the previous Governor of the Bank of England. In 2018, he said that cryptocurrencies pose no risk in regard to money laundering and that Bitcoin failed as a currency and as a store of value. Well, 2021 begs to differ on the second point.

Murking the waters by putting all cryptocurrencies in the same basket is a common and effective smearing technique. The differences between Bitcoin and, let’s say, Dogecoin are innumerable. They aren’t even in the same ballpark. Some cryptocurrencies indeed have no intrinsic value, while Ethereum is the infrastructure in which a whole new financial system is being built as you read these lines.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

BTC price chart for 05/10/2021

BTC price chart on Coinbase | Source: BTC/USD on TradingView.com

Is there a connection between this and a UK CBDC?

Maybe the fighting words have a seemingly unrelated reason. On April 19th, the organization issued a statement that reads:

The Bank of England and HM Treasury have today announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC. A CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses. It would exist alongside cash and bank deposits, rather than replacing them.

A taskforce will explore the idea, no final decision has been made. And there’s no rule that says that cryptocurrencies have to fail for CBDCs to exist. Still, the timing of the two statements leaves you wondering. 

It’s worth noting that the Bank of England has been playing with the idea for a while now. Again in 2018, the organization went from denying any plans for a CDBC to being open to the idea, to stating that swift action is crucial.

Related Reading | Andrew Yang Wants To Turn NYC Into Hub For Bitcoin

A new sheriff in town

On the other side of the pond, the Securities and Exchange Commission (SEC) has a new chairman: Gary Gensler. When asked about Bitcoin, he said “It’s a digital, scarce store of value, but highly volatile,” and that “I think that we need greater investor protection there.”

Featured Image by A Perry on Unsplash - Charts by TradingView
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Eduardo Próspero

Eduardo Próspero

Eduardo Prospero is an author, a content writer, and a professional rapper. A Bitcoin maximalist in disguise. Working on a Bitcoin book. Beware of my Telegram impersonator!

Related Posts

El salvador

44 Countries Set To Meet El Salvador To Discuss Bitcoin, Here’s What We Know

47 mins ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

10 hours ago
Goldman

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

11 hours ago
Avatars

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

12 hours ago
Crypto & Gaming: A Look At NRG’s Insights Report

Crypto & Gaming: A Look At NRG’s Insights Report

21 hours ago
Riot Blockchain

Riot Blockchain’s Texas Expansion Could Use Power To Light 200,000 Homes

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.