BoE’s Bailey sees little intrinsic value in Bitcoin

FAN Editor
FILE PHOTO: Representations of virtual currency Bitcoin are seen in this picture illustration
FILE PHOTO: Representations of virtual currency Bitcoin are seen in this picture illustration taken taken March 13, 2020. REUTERS/Dado Ruvic

October 12, 2020

LONDON (Reuters) – Bank of England Governor Andrew Bailey said on Monday it was hard to see how Bitcoin <BTC=> had any intrinsic value and he cautioned over its use as a means of payment.

“I have to be honest, it is hard to see that Bitcoin has what we tend to call intrinsic value,” Bailey said during a BoE question and answer session with members of the public.

“It may have extrinsic value in the sense that people want it.”

He said he was “very nervous” about people using Bitcoin for payments because its value was uncertain, pointing out that investors should realise its price is extremely volatile.

(Reporting by Andy Bruce; editing by William James)

Free America Network Articles

Leave a Reply

Next Post

Senator Kamala Harris: Republicans trying to "jam through" Amy Coney Barrett nomination

At confirmation hearings for Supreme Court nominee Amy Coney Barrett, Senator Kamala Harris accused her Republican colleagues of attempting to “jam through” approval before Election Day, and warned that the Affordable Care Act and numerous rights Americans rely on are at risk. Watch her full opening statement. Free America Network […]