{"id":4409,"date":"2022-05-25T03:51:57","date_gmt":"2022-05-25T03:51:57","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=4409"},"modified":"2022-05-25T03:51:57","modified_gmt":"2022-05-25T03:51:57","slug":"bank-of-englands-andrew-bailey-warns-bitcoin-has-no-intrinsic-value-not-a-practical-means-of-payment","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=4409","title":{"rendered":"Bank of England&#8217;s Andrew Bailey Warns Bitcoin Has No Intrinsic Value, Not a Practical Means of Payment"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The governor of the Bank of England, the British central bank, says bitcoin has no intrinsic value and the cryptocurrency is not suitable as a practical means of payment. His warning came after the crypto market plunged.<\/strong><\/p>\n<h2>Andrew Bailey on Bitcoin and Cryptocurrency<\/h2>\n<p>Bank of England Governor Andrew Bailey warned about bitcoin and cryptocurrency on the Jobs of the Future podcast, published Monday.<\/p>\n<p>His warning came after the crypto market plunged, shedding close to $500 billion this month. Bitcoin, the largest cryptocurrency, has fallen more than 25% over the past 30 days.<\/p>\n<p>While admitting that blockchain, the underlying technology of cryptocurrencies, is important, Bailey is unconvinced about bitcoin as a means of payment. He added that Britain\u2019s central bank is looking at its own digital currency.<\/p>\n<p>He continued:<\/p>\n<p>In terms of payments, I don\u2019t think it will be crypto in the a sort of bitcoin sense of the term. I don\u2019t think that is really a practical means of payment.<\/p>\n<p>The central bank governor opined: \u201cWhat I think is to be determined is, if we are much more likely to be living in a world of digital currency than old fashioned sort of payment methods, precisely what form of digital currency, digital use, becomes the one that becomes the accepted norm.\u201d<\/p>\n<p>While confirming that he does not hold any crypto himself, Bailey said:<\/p>\n<p>I am probably not liked by the advocates of bitcoin because I have said I don\u2019t think it has any intrinsic value.<\/p>\n<p>\u201cIt can have extrinsic value in the sense that people want to own it \u2014 people collect all sorts of things \u2014 but it doesn\u2019t have intrinsic value,\u201d he noted.<\/p>\n<p>Bailey has never been a fan of bitcoin or crypto. He said last month that crypto creates an \u201copportunity for the downright criminal.\u201d In March last year, he said cryptocurrencies are \u201cdangerous.\u201d In November, Bailey voiced concerns about El Salvador adopting bitcoin as legal tender alongside the U.S. dollar.<\/p>\n<p>His comments echo what Christine Lagarde said Sunday that crypto is \u201cbased on nothing.\u201d The president of the European Central Bank (ECB) added: \u201cThere is no underlying asset to act as an anchor of safety.\u201d In May last year, Lagarde similarly said that crypto has no intrinsic value, and investors should be prepared to lose all of their money.<\/p>\n<p><em><strong>What do you think about the comments by the British central bank governor? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/bank-of-englands-andrew-bailey-warns-bitcoin-has-no-intrinsic-value-not-a-practical-means-of-payment\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The governor of the Bank of England, the British central bank, says bitcoin has no intrinsic value and the cryptocurrency is not suitable as a practical means of payment. His warning came after the crypto market plunged. Andrew Bailey on Bitcoin and Cryptocurrency Bank of England Governor Andrew Bailey warned about bitcoin and cryptocurrency on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-4409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4409"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4409\/revisions"}],"predecessor-version":[{"id":4411,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/4409\/revisions\/4411"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/4410"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}