Bank Of England Governor Threatens Bitcoin Regulation
Last Updated on 27 January 2021 by CryptoTips.eu
If it were up to us to guess, we would say that a combination of three factors set off Bank of England Governor Andrew Bailey against Bitcoin.
Firstly, it is a high probability that his need to turn on the money printers again soon is not really all that bad for Bitcoin’s price (as many in London’s city will turn to Bitcoin as a hedge against inflation), secondly he was probably a bit miffed that instead of jetting off to a luxury 5-star Davos hotel, this year he had to join the World Economic Forum’s online Davos Agenda instead, and return to wife and children in chilly London in the evening again.
Davos online
Lastly, it is by any chance possible that every evening his wife asks him if he bought some Bitcoin himself? By now, the mentions of Bitcoin in the search engines are hitting all time highs in many countries.
Whatever the reason may be, Mr Bailey joined a long line of central bankers who all trashed Bitcoin as being unreliable, close to criminality and a not a trustable source of value, when he said:
Are crypto-currencies here to stay? Digital innovation in payments – yes.
Have we landed on what I would call the design, governance and arrangements for a lasting digital currency? No, I don’t think we’re there yet.
The lifelong state employee went on to explain that cryptocurrencies in their current state were not likely to be the final settling point, as businesses, consumers and regulators would look for digital currencies which are stable, safe and well-designed before fully shifting away from traditional currencies like the pound and dollar.
Speaking during a World Economic Forum panel on “Resetting Digital Currencies,” Bank of England Governor Andrew Bailey said that no existing digital currency has the design and governance to be a "lasting digital currency." https://t.co/zO57org8Pt pic.twitter.com/iTTdStYrAM
— Decrypt Media (@decryptmedia) January 26, 2021
Allow us to respond with a: we’ve heard that one before of course. You know that every time you buy bitcoin or another cryptocoin, central bankers know it is another nail in their corrupt coffin. How’s the pound doing since the Brexit vote then? Still down 40% versus all other major fiat currencies.
Commenters from the London City also realized why Mr Bailey was making those remarks of course, stating:
Cryptocurrency is here to stay. It is not going anywhere. Get used to it. The banks are terrified they will lose their monopoly. And they will. No amount of laughable fear mongering and deceit on their part will change anything. People have had enough of their lies and arrogance. Enjoy the crypto show in 2021 and beyond.