BOE Governor Believes Bitcoin Has No Intrinsic Value
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BOE Governor Believes Bitcoin Has No Intrinsic Value

October 14, 2020      Vandana Malik

Andrew Bailey, Governor of the Bank of England (BOE), has recently revealed his opinions regarding Bitcoin in a public Q&A session. Bitcoin has always been the major focus of such important talks and there has been a hype in such discussions. According to the BOE Governor, the Bitcoin might be able to have extrinsic value now because people aim to use the Bitcoin as a payment method. 

BOE Governor Concerns Over Bitcoin Use as Payment Method

As the major focus was on the Bitcoin during the Q&A session, BOE Governor also seemed quite concerned about Bitcoin being used as a payment method. He said that he is nervous if the companies will start using Bitcoin as a means of payment. The reason behind this is the volatility and risk associated with the whole transaction process. 

However, back in the previous month, the BOE governor gave a speech to the Brookings Institute and mentioned that cryptocurrencies do not have any kind of connection to the money at all. 

CBDC Could Complement Current Financial System

Even though the BOE governor was quite concerned about Bitcoin, it has been seen that he is optimistic about stablecoins. He believes stablecoins can offer some useful benefits because they are linked to real assets like USD and many others. He also talked about the central based digital currency and believes that it could complement the current financial system. The Bank of England is also researching and working on the development of the CBDC. Not only BOE, but different central banks across the world are also seeing the huge potential in CBDC and working towards the development of it. Among all the major countries, China is going to be the first one to issue its digital currency as the country is going through several trials and it will be issued anytime soon.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.