Bank of England (BoE) Governor, Andrew Bailey, has expressed doubts about bitcoin's intrinsic value, Reuters reports.
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Bailey says bitcoin (EXANTE: Bitcoin) barely has any intrinsic value, if any. The Governor of the BoE also cautioned over bitcoin's use as a means of payment:
"I have to be honest, it is hard to see that bitcoin has what we tend to call intrinsic value," Bailey said.
Bailey pointed out he was "nervous" about people using the cryptocurrency for payments as its value was uncertain.
In September, Bailey rejected bitcoin's usage as a means of payment while recognized the potential of stablecoins.
During a conference held at the Brookings Institute, Bailey stressed out that digital assets "are unsuited to the world of payments."
In his speech, he shared his opinion on bitcoin, stating that the crypto is an asset that has "no connection at all to money." In addition, he has gone further by saying cryptos are not a good asset to invest in because "their value can fluctuate quite, widely, unsurprisingly."
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