Bank of England Governor Declares: Bitcoin Not a Medium of Exchange
Bank of England Governor Declares: Bitcoin is Not a Medium of Exchange
On Monday Mark Carney, Bank of England Governor told students at London’s Regent’s University, Bitcoin has failed as a currency measured by standard benchmarks, and is neither a store of value nor a useful way to buy things. Nobody uses it as a medium of exchange.
But the underlying technology of cryptocurrency can still be useful to verify a financial transaction, he added in response to a question.
During the conference, he also stressed the importance of not being motivated by money. But finance professionals should instead focus on investment, innovation and prosperity in society. You cannot afford to lose money.
“If you are trying to find where to store your savings, traditional assets are still your safest bet.”
He said: “Ten years ago the Bank’s graduate intake was comprised largely of economists drawn from just 11 universities. Last year, we hired from over 40 post-secondary institutions with half of the intake having studied sciences, business, law and the humanities.”
The governor of the central bank also said that to make Britain departure in the European Union in March 2019 as smooth as possible, British regulators intended to give financial institutions “the benefit of the doubt, beyond the last minute”.
Sterling’s movements were largely driven by financial speculation over Brexit, and he said British and European officials were working hard to secure a transitional deal before the end of March.
Other cryptocurrencies mimicked Bitcoin movements. IOTA, a coin for the Internet of Things ecosystem, has fallen from the top 10 cryptos and has been replaced by Dash, a coin with aspirations to become a support for daily transactions. It was tied with FanDuel to launch Crypto Cup. There are two NBA competitions in Crypto Cup. The first is a free contest while the other has a $ 3 entry fee. Winners will be paid in Dash.
To be sure, there is some truth to Governor Carney’s assertions about bitcoin. The cryptocurrency promised much but has delivered little so far. After a wild and volatile ride last year, bitcoin’s price has also shed most of its gains this year. But there are still profits to be made in cryptocurrency markets.
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