News

Cryptocurrency continues to receive negative comments from BoE Governor Bailey

In a recent interview, Governor Bailey voiced his negative view on cryptocurrencies

Negative volatility of the electronic market

Recently, the cryptocurrency market has experienced huge fluctuations. One of them must be about the demise of LUNA. Stablecoin TerraUSD (UST) lost its peg to the dollar as it crashed to an all-time low of $0.04, causing Terra LUNA to decline to zero gradually. Terra’s collapse led to a sell-off of cryptocurrency on a large scale, which evaporated from the market by nearly 500 billion dollars.

The price of Bitcoin (BTC) continuously slipped to a low on May 12 of $26,591, leading to Bitcoin reaching a record of 8 red.

Bank of England Governor Bailey goes against cryptocurrencies again

On May 23, former government adviser Jimmy McLoughlin interviewed Bank of England Governor Bailey in a 49-minute Podcast that included questions about Russia sanctions, the economy, and cryptocurrencies. In the interview, Governor Bailey expressed his stance against cryptocurrencies.

“Products like Bitcoin are not actual means of payment, and they have no intrinsic value, even though they have external value.”

Governor Baily said

The BoE governor also explained the value of digital assets by saying that “people collect all kinds” should include this currency.

Despite being pessimistic about cryptocurrency, Bailey also acknowledged the benefits of the underlying technology supporting the transformation into digital currency.

Before giving this opinion, Governor Bailey also once shared that this digital asset market will also become a “new front line” for criminals.

Governor Bailey’s comments came shortly after the remarks of ECB President Lagarde, who called cryptocurrencies worthless on May 22.

These negative comments come at a sensitive time in the market. However, in addition to objectionable opinions, there is also a lot of positive information that helps the cryptocurrency market develop. Even though these are challenging times, that doesn’t mean the impacts can affect innovation in the tech space.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu News

Victor

Recent Posts

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

21 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

3 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

4 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

5 hours ago

This website uses cookies.