u.today
In a speech today, Bank of England governor Andrew Bailey has ramped up his criticism of Bitcoin, claiming that it has no connection to money.
I will start with crypto-assets, such as bitcoin, which have appeared in the last ten years or so. They have no connection at all to money.
Bailey adds that cryptocurrencies such as Bitcoin "may have" extrinsic value but they are a "highly risky" investment opportunity.
He also noted that cryptocurrency assets are unusable for payments while praising stablecoins:
Stablecoins could offer some useful benefits. For example, they could further reduce frictions in payments, by potentially increasing the speed and lowering the cost of payments (particularly if global stablecoins were to be established). Stablecoins may offer increased convenience, including via integration with other technology, such as social media platforms or retail services.
As reported by U.Today, Bailey warned earlier this year that Bitcoin investors could lose all their money since he is convinced that the top crypto has no intrinsic value.