Central Bank Officials Crowded Cryptocurrency During The Bloody Crypto Market

Bank of England office, Andrew Bailey. (Between)

JAKARTA – Andrew Bailey, Governor of the Bank of England, recently criticized cryptocurrencies. Bailey stated that Bitcoin would not become a widely accepted means of payment.

The British central bank official reasoned that Bitcoin was not “practical”. This was conveyed by Bailey in a podcast program recently.

As reported by U.Today, the central bank has repeatedly stated that Bitcoin has no intrinsic value. Bailey continues to stick to his critics, claiming that Bitcoin has value simply because people want to own it.

Over the past week, several prominent central bank officials made some unsavory comments against crypto assets. European Central Bank President Christine Largade stated that cryptocurrencies are worthless even though her own son invests in crypto.

Besides Lagarde, there is the Governor of the Reserve Bank of India, Shaktikanta Das who also criticized digital assets. According to Das, cryptocurrencies have no underlying value.

Meanwhile, Sweden's Riksbank recently published a lengthy Twitter thread explaining why Bitcoin and other cryptocurrencies cannot be classified as money.

On the other hand, a number of influential people in the crypto industry have questioned Bitcoin's ability to successfully become a means of payment. The CEO of the FTX crypto exchange, Sam Bankman-Fried, who is one of the crypto billionaires recently assessed that Bitcoin “has no future” in payments.

The FTX boss revealed the reason, according to Bankman-Fried, Bitcoin has problems in its scalability that have not been solved in recent years. Therefore, the number one cryptocurrency is not suitable as a medium of exchange.