Bank of England warns Bitcoin could become ‘worthless’
The Metro says Fast-growing cryptocurrency assets could pose a danger to the established financial system, a senior Bank of England official has warned.
In a warning over the potential risks for investors, the central bank questioned the worth of Bitcoin, whose value has soared in the past year to £35,679.
Bank officials voiced their concern about cryptocurrency being integrated into the financial system, citing that ‘a big price correction could really affect other markets and affect established financial market players’.
‘Their price can vary quite considerably and [Bitcoins] could theoretically or practically drop to zero,’ said Sir Jon Cunliffe, deputy governor of Bank of England to the BBC.
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