Bank of England Governor Says Bitcoin Has No Intrinsic Value

Andrew Bailey, the governor of the Bank of England, the British central bank, says bitcoin has no intrinsic value and that the cryptocurrency is not suitable as a practical means of payment. Appearing on the Jobs of the Future podcast, Andrew Bailey opined that does not believe bitcoin is a practical means of payment and that it doesn’t have any intrinsic value. The governor continued to explain that he believes bitcoin can only have extrinsic value, which means people can own and acquire it as a store of value. “I don’t think it will be crypto, in a sort of bitcoin sense of the term. I don’t think that’s a practical means of payment. But again, it may well lead to things.” On being asked if he personally owns any bitcoin, Bailey responded: “I don’t, no. To be honest with you, I’m probably not liked by the advocates of bitcoin because I have said I don’t think it has any intrinsic value.” However, the governor then explained that there does seem to be value in the underlying technology of bitcoin (blockchain technology). Bailey has never been a fan of bitcoin or crypto. Just last month, he said that crypto creates an “opportunity for the downright criminal” while last year he stated that cryptocurrencies are “dangerous.” In November, Bailey voiced concerns about El Salvador adopting bitcoin as legal tender alongside the U.S. dollar.The post Bank of England Governor Says Bitcoin Has No Intrinsic Value appeared first on Cryptoknowmics-Crypto News and Media Platform.