Andrew Bailey, president of the Bank of England, the United Kingdom’s central bank, is lashing out at cryptocurrencies once again. Speaking at a May 6 press conference, Bailey says he is not a fan of the term cryptocurrency or cryptocurrency:
“I’m afraid that crypto and currency are two words that don’t mix for me. They have no intrinsic value. That doesn’t mean people don’t value it, they can have extrinsic value. ”
That crypto like bitcoin (BTC) have no intrinsic value, Bailey also claimed last year. At the beginning of this year, the central bank president said that digital payment instruments may be the future, but that no current crypto meets the requirements to be a sustainable currency. Next, Bailey warns people who invest their money in crypto:
“I’m going to say this very bluntly again: only buy them if you are willing to lose all your money.”
Said Bailey, who further reports that he does not see crypto as a threat to the monetary system. He says the central bank would be well positioned to respond to any threats.
Furthermore, Bailey reports that the British central bank will slow the pace of bond buying as forecasts for economic growth in the country are more positive after the crash in the corona pandemic.
“But let’s not go too fast. It brings us back to the level of output by the end of this year that we essentially had at the end of 2019 before COVID. So that’s good news, but you can also express it in a different way, namely that two years of production growth will have been lost. ”