Future Bank of England Governor is Still Biased About Bitcoin

CryptoMode Shorting Bitcoin With US Currency

Central banks have never been the biggest supporters of Bitcoin and other cryptocurrencies. The Bank of England is notorious in that regard, and a recent comment won’t change that narrative for the better.

According to Andrew Bailey, one should only invest in Bitcoin if they want to lose all their money.

New Bank of England Governor Offers More of the Same

A very strong and negative sentiment from someone who will lead the Bank of England in the near future.

It is not the first time Bailey is as outspoken – and seemingly somewhat ignorant – about Bitcoin.

In December of 2017, he claimed how buying Bitcoin is “gambling”.

While there is some merit to that statement due to price volatility, the negative approach has rubbed people the wrong way.

Bailey is slated to begin his term as governor of the Bank of England in a few days. 

The comments about Bitcoin are interesting, as this bank has indicated it wants to issue its own virtual currency.

Such a CBDC has no inherent value or use, unless the necessary infrastructure is provided.

How and when all of that will happen, remains unclear.

Bitcoin has been around for over 11 years and clearly shown finance can be done very differently.

Central banks are only now paying attention, yet some will retain their bias regardless. 

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