{"id":253227,"date":"2020-03-05T14:55:05","date_gmt":"2020-03-05T19:55:05","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=253227"},"modified":"2020-03-05T14:55:05","modified_gmt":"2020-03-05T19:55:05","slug":"boe-governor-elect-torches-bitcoin-says-it-has-no-intrinsic-value","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/boe-governor-elect-torches-bitcoin-says-it-has-no-intrinsic-value","title":{"rendered":"BoE Governor-Elect Torches Bitcoin, Says It Has No &#8216;Intrinsic Value&#8217;"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Andrew Bailey, the Governor-elect of the Bank of England, has joined the ranks of global financial policymakers who believe that Bitcoin isn\u2019t a viable investment asset.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Earlier this month, the central banker appeared in testimony before the Treasury Select Committee of the UK Parliament, where he\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/twitter.com\/blockfolio\/status\/1235260083094855683\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">slammed<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0the top cryptocurrency as having no intrinsic value and being a terrible investment choice for people looking to grow their wealth.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: The Bank of England governor-designate, Andrew Bailey, says those holding bitcoin should &quot;be prepared to lose all of your money&quot; and &quot;bitcoin has not caught on much&quot;<\/p>\n<p>ok banker <a href=\"https:\/\/t.co\/eu4bolovWf\">pic.twitter.com\/eu4bolovWf<\/a><\/p>\n<p>&mdash; Blockfolio (@blockfolio) <a href=\"https:\/\/twitter.com\/blockfolio\/status\/1235260083094855683?ref_src=twsrc%5Etfw\">March 4, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Bailey\u2019s Consistent Record of Criticism\u00a0<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">\u201cThere is no guarantee of the value of Bitcoin I\u2019ve said publicly that we were concerned about it at the FCA (Financial Conduct Authority). If you want to buy Bitcoin, be prepared to lose all your money. Understand what you\u2019ve got \u2013 it has no intrinsic value,\u201d he said. Although he did concede that the asset has a bit of extrinsic value, he also pointed out that this value hasn\u2019t quite caught on in the way that many proponents of the asset had hoped.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">His warnings were strikingly similar to a similar one that he gave back in December 2017, at the height of the last crypto bull run. As reported by BBC Newsnight at the time, Bailey warned, \u201cIt\u2019s a very volatile commodity in terms of its pricing, if you look at what happened this year. And I would warn the people because we know relatively little about what forms the price of Bitcoin,\u201d before adding the same jab about being prepared to lose your money if you choose to invest in Bitcoin.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Bailey will be replacing Mark Carney as the Bank of England\u2019s Governor, and he is stepping into one of the most important positions in the British government at a rather important time. The United Kingdom successfully pulled out of the European Union in January, and with many forecasting that the region\u2019s economy will be terribly hit, he must now ensure a smooth financial transition into what will be the sovereign UK.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">A Sign of Things to Come?<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">One of the many things he will also have to address is the prospect of cryptocurrency regulation. There was a lot of optimism about the BoE making some progress with the subject under Mark Carney, with many believing that the agency will spearhead cryptocurrency adoption \u2013 especially since the United States stalled on the matter too.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Sadly, Carney\u2019s tenure did little to nothing to help improve the legal standing of cryptocurrencies in the UK.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As for Bailey, all eyes will be on how his tenure as BoE Governor goes. It\u2019s worth noting that he will be leaving the position of Chief Executive at the Financial Conduct Authority, at which he reportedly considered banning cryptocurrencies \u2013 as well as all crypto-denominated derivatives &#8211; last year. Now that he has once again publicly denounced Bitcoin as an investment asset, it calls to question what his record could mean and how it could affect the legal status of digital assets in the UK.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s also worth noting that the BoE has joined a consortium of central banks in studying the prospects of launching Central Bank Digital Currencies. For many in the British crypto space, Bailey\u2019s appointment can\u2019t be the best sign of things to come.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Andrew Bailey, the Governor-elect of the Bank of England, has joined the ranks of global financial policymakers who believe that Bitcoin isn\u2019t a viable investment <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/boe-governor-elect-torches-bitcoin-says-it-has-no-intrinsic-value\" title=\"BoE Governor-Elect Torches Bitcoin, Says It Has No &#8216;Intrinsic Value&#8217;\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":253229,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[9408,734,10359,7702,8237],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.8 (Yoast SEO v21.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoE Governor-Elect Torches Bitcoin, Says It Has No &#039;Intrinsic Value&#039; - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Andrew Bailey, the Governor-elect of the Bank of England, has joined the ranks of global financial policymakers who hate Bitcoin\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoE Governor-Elect Torches Bitcoin, Says It Has No &#039;Intrinsic Value&#039;\" \/>\n<meta property=\"og:description\" content=\"Andrew Bailey, the Governor-elect of the Bank of England, has joined the ranks of global financial policymakers who hate Bitcoin\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-05T19:55:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/03\/Bailey.png\" \/>\n\t<meta property=\"og:image:width\" content=\"736\" \/>\n\t<meta property=\"og:image:height\" content=\"471\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"BoE Governor-Elect Torches Bitcoin, Says It Has No &#8216;Intrinsic Value&#8217;\",\"datePublished\":\"2020-03-05T19:55:05+00:00\",\"dateModified\":\"2020-03-05T19:55:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227\"},\"wordCount\":550,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"Bank of England\",\"Bitcoin\",\"BoE\",\"FCA\",\"UK\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227\",\"name\":\"BoE Governor-Elect Torches Bitcoin, Says It Has No 'Intrinsic Value' - InsideBitcoins.com\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2020-03-05T19:55:05+00:00\",\"dateModified\":\"2020-03-05T19:55:05+00:00\",\"description\":\"Andrew Bailey, the Governor-elect of the Bank of England, has joined the ranks of global financial policymakers who hate Bitcoin\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227\"]}],\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/253227#primaryimage\"}},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insidebitcoins.com\/#website\",\"url\":\"https:\/\/insidebitcoins.com\/\",\"name\":\"InsideBitcoins.com\",\"description\":\"Search &amp; 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