The era of Bitcoin counts as technology evolves, warns Bank of England Governor Andrew Bailey
Bank of England Governor Andrew Bailey warns that Bitcoin and other existing cryptocurrencies will not last long as technology evolves.
Bailey spoke at the World Economic Forum’s Online Davos Agenda in a panel on digital currencies, stating that digital innovation in payments “stays here.”
But he said the pound and dollar after businesses, consumers and regulators sought a stable, secure and well-designed digital currency.
Digital Decline: Bank of England Governor Andrew Bailey said cryptocurrencies in their current state are unlikely to be the ultimate solution
Bailey said:’Cryptocurrencies stay here? Digital Innovation in Payments – Yes.
“Did we land on what we call permanent digital currency design, governance, and arrangements? No, I don’t think we’re there yet.”
The original cryptocurrency, Bitcoin, has been making a fuss so far this year.
Its value reached an all-time high of over $ 40,000 earlier this month, jumping more than 700% from its recent lows in March last year, but below $ 30,000 and is now around $ 33,000.
Digital currencies are controversial because they are not backed by physical assets such as gold and are not controlled by central banks.
Former Goldman Sachs CEO Lloyd Blankfein also shared Bailey’s concerns about cryptocurrencies.
He said: “If I were a regulator, I would overbreath with Bitcoin.”
Bitcoin days are counted, warn Bank of England Governor
https://www.dailymail.co.uk/money/markets/article-9185885/Bitcoins-days-numbered-warns-Bank-England-governor.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Bitcoin days are counted, warn Bank of England Governor