advertisement

Bank of England Governor Delivered Bearish Comments On Bitcoin During WEF’s Davos Agenda

Bitcoin

Bank of England governor Andrew Bailey expressed bearish comments on cryptocurrency. The governor revealed his bearish opinion on crypto during the cryptocurrency session at the World Economic Forum (WEF) Davos meeting, where he was one of the participating speakers. He said no crypto assets could work as a means of payment in the long term.

“Have we landed on what I call the design, governance and arrangements for what I might call a lasting digital currency? No, I don’t think we’re there yet, honestly. I don’t think cryptocurrencies as originally formulated are it.”

While speaking during the first crypto session on the Davos Agenda on the 25th of January, Bailey suggested that Bitcoin and altcoins do not satisfy the everyday economy due to their volatility.

Notably, Bitcoin plunged to $28,000 in the past week after reaching its all-time high of $42,000 on the 8th of January.

The Bank of England is also one of the central banks developing a central bank digital currency (CBDC). The governor added that the development of stablecoins and CBDCs is essential in today’s payments system. In 2020, several central banks made significant progress in the creation of a CBDC.

China conducted several pilot tests for its digital yuan and has further plans to continue with the trials. Beijing Mayor Chen Jining and Shanghai Mayor Gong Zheng have declared their support for the development of the digital yuan.

Image Credits: Pixabay

Get Latest Cryptocurrency And Bitcoin News

Signup this form below to get latest Cryptocurrency and Bitcoin news, directly in your mailbox

Note:

Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.