Bank of England governor confirmed his attitude towards BTC

by in Cryptocurrency News

Andrew Bailey

Bank of England Governor Andrew Bailey is still extremely skeptical of Bitcoin.

Last Monday, October 12, the head of the Central Bank at one of the events expressed concerns about the growing popularity of cryptocurrency.

Bailey recalled that the use of BTC as a payment instrument poses threats to the financial sector. Holders of digital currency should remember that they have a volatile tool in their hands that can both skyrocket and crash in price.

According to him, bitcoin has no value. The coin grows in value only because more and more people around the world buy it. Andrew Bailey made similar statements earlier.

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For example, in March, when he headed the UK Financial Conduct Authority, Bailey urged investors not to buy BTC. He stressed that cryptocurrency has nothing to do with money.

In early September, already at the head of the Bank of England, Bailey reiterated that Bitcoin is a dubious instrument with no real backing.

At the same time, the head of the Central Bank acknowledged that stablecoins backed by fiat money or other assets have great potential.