BoE governor continues to assert Bitcoin has 'little intrinsic value'
“It may have extrinsic value in the sense that people want it,” said Bailey. Bank of England Governor Andrew Bailey’s position on crypto apparently hasn’t changed despite the economic fallout of the pandemic in the United Kingdom.According to an Oct. 12 report from Reuters, Bailey spoke at a Bank of England, or BoE, question and answer session with members of the U.K. public on Monday. At that time, he stated that he was “very nervous” about people using Bitcoin (BTC) for payments. The governor said people should consider the asset's volatility when it came time to invest.“I have to be....
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Bitcoin’s intrinsic value has been heavily discussed in the crypto community this week following a remark by the governor of the Bank of England suggesting that the cryptocurrency may have no intrinsic value. Does Bitcoin Have Intrinsic Value? Bank of England Governor Andrew Bailey talked about bitcoin’s intrinsic value during a question and answer session with members of the public early this week. “I have to be honest, it is hard to see that bitcoin has what we tend to call intrinsic value,” he was quoted by Reuters as saying. “It may have extrinsic value in....
There is no shared opinion on whether bitcoins have intrinsic value or not. Some conservative-minded people believe that intrinsic value may only be possessed by seizable assets, although this obviously disregards such inseparable attributes of today’s realities as software or internet. Others assume that intrinsic value is the feature of such commodities as gold or silver because what matters is the way they are perceived and the history they have. The classic example, however, proves that a starving person would definitely attach more intrinsic value to a loaf of bread than to a piece of....
The governor of the Bank of England, the British central bank, says bitcoin has no intrinsic value and the cryptocurrency is not suitable as a practical means of payment. His warning came after the crypto market plunged.
Andrew Bailey on Bitcoin and Cryptocurrency
Bank of England Governor Andrew Bailey warned about bitcoin and cryptocurrency on the Jobs of the Future podcast, published Monday.
His warning came after the crypto market plunged, shedding close to $500 billion this month. Bitcoin, the largest cryptocurrency, has fallen more than 25% over the past 30....
Bank of Korea Governor Lee Ju-yeol has said that crypto assets like bitcoin have no intrinsic value – put simply, a measure of what an asset is actually worth. ● Speaking in the National Assembly on Feb. 23, Lee forecast that bitcoin (BTC) will see increased price swings going forward, the local news agency Yonhap reported. ● “It is very difficult to predict the price, but its price will be extremely volatile,” said the bank chief in response to a question from a lawmaker who wanted to know whether bitcoin’s recent bull run, where its price reached a....
On the Jobs of the Future podcast, governor Andrew Bailey from the Bank of England said bitcoin has no intrinsic value and is not a practical means of payment.