Mark Carney, the Governor of Bank of England, stated that bitcoin is a failed currency, when assessed by standard benchmarks. It is neither a meaningful means to buy things or a store of value. While speaking to students at Regent’s University in London, Mr. Carney expressed that Bitcoin has pretty much unsuccessful thus far on, the conventional aspects of money. Moreover, it is spread across the map, which fails to make it a store of value. Nobody uses Bitcoin as a medium of exchange.
Bank of England Governor added that despite the existing concerns, the cryptocurrency’s underlying know-how may still substantiate useful as a means to authenticate financial transactions in a decentralized way. The central bank governor also expressed that, to make Britain’s exit from the European Union next year in March as smooth as possible, the regulators planned to give financial institutions the benefit of the doubt for the maximum time.
Sterling’s movements were mainly led by financial speculation over Brexit. Carney said that European and British officials were working hard to finalize a transitional deal before the close of March. Everyone focus continues to be in the same direction. It clearly won’t be a rigid, legally binding deal. However, he can tell that if 28 leaders settle on something that has legal text related with it, which will be mentioned in the separation deal, that should mark as good enough.
Mr. Carney expressed his views in a Q&A session after presenting a speech on leadership, in which he focused on the importance of empathy and humility and stated financiers should not be enthused purely by profit.
As it is evident, everyone is talking about Bitcoin, and are living in constant fear of being defeated in race, because they don’t own any. Despite Bitcoin’s remarkable rise in last year, it has been witnessing a bumpy ride since the start of this year, as incoming regulation and investor concerns force it to trade back-and-forth.