Bank of England governor calls crypto ‘extremely speculative’
Bank of England Governor Andrew Bailey declares cryptocurrencies as “extremely speculative investments” and emphasizes the need for enhanced digital money. During his recent London Financial and Professional Services Dinner speech, Bank of England’s governor Andrew Bailey expressed skepticism towards crypto currencies. He stated that bitcoin (BTC) and other cryptocurrencies do not meet the standards to be recognized as money, classifying them as “extremely speculative investments.” Bailey emphasized the importance of singleness and finality of settlement, the two foundations he believes are essential for safe money. Singleness refers to the assurance that money holds the same value regardless of its form, ensuring equal exchangeability. The finality of settlement implies confidence that a payment has been effectively completed. Bailey’s preference for what he called “enhanced” digital money became evident as he highlighted its potent...