Central banks have released more and more statements on crypto following the Terra ecosystem debacle. For example, recent statements from the Bank of England (BoE) Governor Andrew Bailey reveal that the official thinks very little of cryptocurrencies.
Bailey Remains Opposed To Crypto
On Monday, BoE governor Andrew Bailey speaking on the Jobs of the Future podcast, hosted by a former adviser to the Prime Minister on business Jimmy McLoughlin, expressed skepticism on the value of crypto. According to the official, cryptocurrencies could not serve as practical means of payment.
Bailey believes that digital assets have no “intrinsic value,” noting that their value was purely extrinsic. Furthermore, trying to explain why cryptocurrencies are in high demand, the official said, “people collect all sorts of things.”
It is not the first time Bailey has dumped on the nascent market. In April, the BoE governor expressed that crypto was mainly a tool for criminals. Notably, this narrative...
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