Bank of England Governor: Bitcoin Has ‘Failed’ as a Currency

On the back of Bitcoin’s recent correction and subsequent push back towards the $12K mark, long-time Bitcoin nonbeliever Mark Carney claims that the dominant cryptocurrency has failed on almost every front.

Bank of England, Unsurprisingly, Doesn’t Like Bitcoin

According to Bank of England Governor Mark Carney, Bitcoin has failed as both a viable currency and as a store of value — citing volatility and the lack of vendor adoption.

On February 19th, Carney shared his already well-established position on the popular cyrptocurrency with students at London’s Regent’s University, stating:

It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.

Nevertheless, not even Carney can deny that Bitcoin’s underlying technology is still incredibly useful and a more than viable way to verify financial transactions in a decentralized manner, which he admitted in response to a question.

In fact, the Bank of England has already begun compiling research on Bitcoin and other cryptocurrencies, in hopes of someday issuing their own Sterling-backed digital currency

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