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The governor of the British central bank is convinced that BTC has no intrinsic value, and the crypto asset will not be able to play the role of a practical means of payment.
The governor of the British central bank, Andrew Bailey, expressed his opinion on BTC and crypto assets in a new podcast, news.bitcoin reports. Bailey voiced his thoughts after the last collapse of the crypto market, when the latter lost about $ 500 billion in a month Over the past 30 days, the oldest cryptocurrency has lost 24.6% of its value (at the time of writing the text).
And while Bailey acknowledges the importance of blockchain, which is at the heart of crypto technology, he still doesn’t believe that Bitcoin is a means of payment. He noted that the Bank of England is studying the potential likelihood of developing its own CBDC.
When considering payments, the governor of the central bank does not believe that Bitcoin will be able to be noted here. He insists that BTC cannot act as a truly practical means of payment.
He also suggests that it is worth deciding if society is more likely to live in a world of digital assets, rather than outdated payment options, then what exactly will be this generally accepted type of digital currency.
Bailey also admitted that he himself has no crypto assets in the smell. He believes that BTC fans don’t like him, as he doesn’t believe that Bitcoin has any intrinsic value. According to him, an asset can have external value, since people want to be its owners (but users collect a variety of things), but this is not an intrinsic value.
Bailey was not a supporter of BTC or crypto assets before that. He has previously said that crypto assets create “an opportunity for the real culprit” and that they are “dangerous.” Last fall, Bailey was among those who raised concerns about El Salvador’s crypto solution.