In a recent interview, Governor Bailey voiced his negative view on cryptocurrencies
Negative volatility of the electronic market
Recently, the cryptocurrency market has experienced huge fluctuations. One of them must be about the demise of LUNA. Stablecoin TerraUSD (UST) lost its peg to the dollar as it crashed to an all-time low of $0.04, causing Terra LUNA to decline to zero gradually. Terra’s collapse led to a sell-off of cryptocurrency on a large scale, which evaporated from the market by nearly 500 billion dollars.
The price of Bitcoin (BTC) continuously slipped to a low on May 12 of $26,591, leading to Bitcoin reaching a record of 8 red.
Bank of England Governor Bailey goes against cryptocurrencies again
On May 23, former government adviser Jimmy McLoughlin interviewed Bank of England Governor Bailey in a 49-minute Podcast that included questions about Russia sanctions, the economy, and cryptocurrencies. In the interview, Governor Bailey expressed his stance against cryptocurrencies.
“Products like Bitcoin are not actual means of payment, and they have no intrinsic value, even though they have external value.”
Governor Baily said
The BoE governor also explained the value of digital assets by saying that “people collect all kinds” should include this currency.
Despite being pessimistic about cryptocurrency, Bailey also acknowledged the benefits of the underlying technology supporting the transformation into digital currency.
Before giving this opinion, Governor Bailey also once shared that this digital asset market will also become a “new front line” for criminals.
Governor Bailey’s comments came shortly after the remarks of ECB President Lagarde, who called cryptocurrencies worthless on May 22.
These negative comments come at a sensitive time in the market. However, in addition to objectionable opinions, there is also a lot of positive information that helps the cryptocurrency market develop. Even though these are challenging times, that doesn’t mean the impacts can affect innovation in the tech space.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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