Bank of England: BTC could become worthless at any moment

By far the most popular and best known cryptocurrency bitcoinThere are as many dislikes of (BTC) as its fans. One of them, the Bank of England, also stated that BTC at one point ‘worthless’ He warned that investors in crypto should be prepared to lose everything.

Like most cryptocurrencies, BTC often experiences wild price swings. Bitcoin, which saw a drop of $ 20,000 last month, with its current price of $ 48,500, is worth $ 10,000 only 14 months ago. almost five times Of course, it is also worth mentioning that it is worth it. But if we look at what Sir Jon Cunliffe, vice-president of the Bank of England, told the BBC, the value of BTC can change at any moment and, in theory or in practice, zero can see.

The system may become increasingly difficult to maintain

According to the BBC report, the bank is not willing to allow large institutions to adopt crypto assets. a cautious approach He warns that he should adopt it and will pay close attention to the developments in the market. Thomas Belsham, an employee of the bank’s stakeholder and media engagement division, said: “The problem is that unlike traditional forms of money, Bitcoin is not used to price things other than itself.” uses expressions. In addition, Belsham recalled the limited nature of Bitcoin. more than 21 million He also underlined that Bitcoin cannot be mined and that Bitcoin may eventually become worthless.

So far, roughly 18.9 million BTC, in other words, the total supply. 90 percent has been removed. Although the system is designed in such a way that the last BTC will not be mined until 2140, Belshan still believes that the maintenance of this system will take time. it might get harder is recording.

On the other hand, the views of government agencies on BTC and cryptocurrency in general differ from country to country. change is showing. For example, Sweden has called on all of Europe to ban crypto mining due to environmental concerns, while China has also declared all crypto transactions illegal in the past months. In contrast, El Salvador accepts Bitcoin as an official unit and A city based on BTC It had been the first country to plan to build it.