The most powerful British monetary policymaker, Andrew Bailey, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival.
Speaking during the World Economic Forum yesterday on “Resetting Digital Currencies” the Bank of England governor reacted to a question on whether crypto is here to stay for the long term with skepticism:
“Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet […] I don’t think cryptocurrencies as originally formulated are it.”
In a report credited to This is Money, a British-based financial newspaper, Andrew Bailey said that crypto-currencies in their current state were not likely to be the final settling point, as consumers, businesses, and regulators would look for digital currencies that are stable, safe, and well-designed before fully shifting away from traditional currencies like the pound and dollar.
What you should know: At the time of drafting this report, the crypto market was valued at $955 billion, a 2.23% drop over the last day.
- The total crypto market volume for the day stood at $128 billion, which makes a 2.15% increase.
- The total volume in DeFi is currently $15.65 billion, 12.19% of the total crypto market’s 24-hour volume.
- The volume of all stable coins is now $101.61 billion, which is 79.15% of the total crypto market 24-hour volume.
- Bitcoin’s price is currently $32,164.91.
- Bitcoin’s dominance is currently 62.86%, an increase of 0.65% over the day.
Story story. They just want to buy bitcoin at a cheaper price, so they are scaring people out of the market. The days of the current global financial system are numbered and they know that. Institutions are buying bitcoin, even universities (Yale, Brown, Harvard, UMich) are buying bitcoin.
Do your own research (DYOR) but these guys cannot be trusted when these banks have been involved in a lot of money-laundering, bailing out banks with tax-payer money, manipulation and are basically insolvent because of their highly leveraged positions. Forget what officials from the Fed, ECB, Bank of England and co are saying, they don’t care about you, protect your wealth and buy bitcoin; but DYOR too!
Wow that’s good