Bank Of England Governor Says Bitcoin Has No Intrinsic Value

A ndrew Bailey, the Governor of the Central Bank of England said that Bitcoin cannot be used as a practical means of payment. We have seen different Central Bank Governors give their own view regarding their stance on Bitcoin and other cryptocurrencies. Some of them have been optimistic, while others do not have fate in cryptocurrencies. Over the years, there have been issues between those leaders that are pro-crypto and those that are anti-crypto. Some of the Central Bank Governors had advised their government not to consider the adoption of bitcoin, while the President of nations like El Salvador sees bitcoin adoption as a means to alleviate his people from poverty.

At press time, the Bitcoin price live is at $29,871.35 and is currently up by 1.74% on the Gate.io exchange platform. Bitcoin is trading on the BTC/USDT pair at that price and there are other trading pairs on the Gate.io cryptocurrency exchange. The BTC price has been struggling around this price for some days now as at the time of writing. While the market has been on a bearish trend, some investors and traders are buying the dip, while others are not. With the stance of the Central Bank Governors on Bitcoin and cryptocurrency, when should we expect the bulls to take back the market?

Andrew Bailey’s View On Bitcoin

On May 10, the Prince of England gave the speech of Queen Elizabeth regarding the United Kingdom’s plans for the coming parliamentary year which alighted plans for cryptocurrency regulations in the coming days. He stated that 22 regulations will be introduced which will be presented soon and that one of the regulations will be on monetary administration and market bills. The United Kingdom wants to crack down on the rate of criminality in the cryptocurrency sector and be a major player in the modern financial sector.

Although in April 2021, the Central Bank of England sought to introduce the UK Central Bank Digital Currency (CBDC), which was stated on the official website of the Central Bank of England, the CBDC will be different from cryptocurrency. The CBDC will retain its value over time and be reliable. The Bank and HM Treasury (HMT) initiated the joint CBDC Taskforce to coordinate the exploration of a potential UK CBDC and they announced the next step in the exploration of the UK Central Bank Digital Currency.

On the Jobs for the Future podcast, the Governor of the Central Bank of England, Andrew Bailey appeared to discuss bitcoin and the future currency. He said Bitcoin has no intrinsic value and is not a practical means of payment. He said he does not own any bitcoin and believes that bitcoin can hold extrinsic value because people will want to own it. He has never been a fan of cryptocurrencies. Will the plans for cryptocurrency regulation in the United Kingdom still continue, despite the stance of the Governor of the Central Bank of England?

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