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Bitcoin Could Become ‘Worthless,’ According to the Bank of England:
The Bank of England has issued a warning that bitcoin might become “worthless” and that those who invest in it risk losing everything. Sir Jon Cunliffe, deputy governor of the Bank of England, said the financial system needed to be prepared for the currency’s hazards as it gained popularity. “Their value can fluctuate a lot, and [bit coins] might theoretically or practically go to nothing,” he told the BBC.
The Bank outlined the dangers for investors as bitcoin soared to about $70,000 in early November, only to plummet once word of the Omicron coronavirus spread before stabilizing around its present level in the last week. The Bank of England warned significant institutions should be careful about embracing crypto assets as part of their monthly health check on the financial system.
“Enhanced regulatory and legal compliance structures are required to impact changes in these quick markets, both nationally and globally, to manage risks, stimulate sustainable innovation, and preserve broader trust and integrity in the financial system,” it added.
In a second blog post published on the Bank’s website on Tuesday, one of its employees said that bitcoin lacked many of the characteristics of a currency and was intrinsically volatile. “The issue is that, unlike traditional forms of money, bitcoin isn’t used to price items other than itself,” noted Thomas Belsham, a stakeholder and media engagement analyst at the Bank.
“As bit coiners are fond of saying, ‘one bitcoin equals one Bitcoin.’ But a tautology isn’t the same as money.” He went on to say that one of the keys draws for investors was the scarcity of Bitcoin, which is limited to 21 million units. Mr. Belsham warned, however, that this characteristic “may even, in the end, render Bitcoin useless.”
The Bank of England has issued a warning that cryptocurrency values might “fall to zero” shortly:
One of the Bank of England’s deputy governors, Jon Cunliffe, has cautioned that rapidly rising crypto assets might represent a threat to the current financial system.
According to the official, just a small percentage of British families – roughly 0.1 percent – have invested in bitcoin so far, with an average investment of 300 pounds sterling per person (about 397 dollars). On the other hand, these kinds of investments are becoming more frequent Cunliffe, according to the BBC.
If the value of cryptocurrencies plummets, this might have a cascading impact. Therefore the Bank of England must be ready to mitigate such risks, he added. “Its price can fluctuate significantly and theoretically or practically, and it could decrease to nothing,” the lieutenant governor says.
So far, in 2021, the crypto market has increased by more than twice, reaching more than 2 trillion dollars. When it was first valued in January 2017, it was only worth 18,543 million dollars.
Ethereum is the second-fastest-growing cryptocurrency, with a market value of over $ 459.3 billion and a price of around $ 3,800 per unit. These assets’ values have fluctuated dramatically during the year, particularly Bitcoin, which hit an all-time high of almost $ 69,000 on November 10 and subsequently plummeted.
“I think the moment where you should be concerned is when [las criptodivisas] I know to integrate into the financial system, when a large price correction may influence other markets and harm established participants in the financial industry,” Jon Cunliffe observed. “It isn’t there yet,” he emphasized, “but developing rules and regulations takes time.”
In this context, he argued that the relevant authorities should begin working on steps to regulate cryptocurrencies as soon as feasible to mitigate any hazards. “We need to roll our knees up and get on with it because, by the time this becomes a much bigger concern, we’ve got the regulatory framework to manage the dangers,” he said, noting that the crypto business is “expanding extremely rapidly.”
Cunliffe began by stating that cryptocurrencies are “expanding very quickly” and “becoming mainstream.” Even while cryptocurrencies account for only approximately 0.1 percent of UK household wealth, he warned that they might constitute a threat to the traditional financial system at this rate of growth.
Around 2.3 million people in the United Kingdom are thought to own cryptocurrencies, with each holding an average of 300 Pounds sterling ($397).
According to the Bank of England CEO, financial experts, such as fund managers, want to know if they should include cryptocurrencies in their portfolios. The deputy governor warned that a sudden drop in the value of cryptocurrencies might have a cascading impact, stressing that the Bank of England must be prepared to manage those risks. He emphasized:
“The moment at which one should be concerned,” Cunliffe said, “is when it becomes incorporated into the financial system – when a large price correction may seriously harm other markets and established financial market actors.”
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