cryptocurrencies and Bitcoin Andrew Bailey, the head of the Bank of England, joined the central bank officials who were critical of it.
“Bitcoin Cannot Become a Widely Used Mode of Payment”
In his latest podcast, Bailey claimed that Bitcoin will not become a widely accepted form of payment because it is not “useful”.
In the past days, many officials, including the head of the European Central Bank, said that they think that BTC does not have any original value.
Bailey continued to read his own way, claiming that Bitcoin has value only because people want to own BTC. According to Bailey, people “collect all kinds of things”.
Central Banks of Other Countries Also Share Negative Opinions About BTC
In the past weeks, many high-profile central bank officials have made some bad comments about crypto assets.
Earlier today, Shaktikanta Das, Governor of the Reserve Bank of India, supported Bailey’s comments, claiming that crypto has no underlying value.
Meanwhile, Sweden’s Riksbank recently posted a long Twitter thread explaining why BTC and other cryptocurrencies cannot be classified as money.
Sam Bankman-Fried, the second-richest cryptocurrency billionaire, recently claimed that BTC “has no future” in the payments industry, as it has had scalability issues that have not been resolved for the past decade.
However, El Salvador recently hosted a summit attended by representatives from central banks of 44 countries and talked about Bitcoin.
When the market started to decline, it does not escape the attention that people and institutions that are anti-Bitcoin made negative statements one after another during these periods.
*Not investment advice.