Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
POWERED BY  

 

BTC
USD
63,739
EUR
59,803
GBP
51,167
BTC
USD
63,739
EUR
59,803
GBP
51,167
BTC
USD
63,739
EUR
59,803
GBP
51,167
BTC
USD
63,739
EUR
59,803
GBP
51,167
BTC
USD
63,739
EUR
59,803
GBP
51,167
BTC
USD
63,739
EUR
59,803
GBP
51,167
BTC
USD
63,739
EUR
59,803
GBP
51,167
POWERED BY  
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
POWERED BY  

Chief Economist at the Bank of England Says Bitcoin Could Replace Cash

Chief Economist at the Bank of England Says Bitcoin Could Replace Cash


Andrew Haldane, Bank of England’s (BoE) chief economist, shared a surprising personal opinion after giving a talk at one UK college. While answering various questions from the audience, he said that Bitcoin could replace cash. This was first shared in a Reddit thread started by a student who attended Haldane’s talk.

A Sudden Shift from a Bearish Attitude on Bitcoin

Haldane’s statement is surprising in view of his previous attitude towards Bitcoin and other cryptocurrencies. Last March, the Chief Economist of the Bank of England warned investors against investing in cryptocurrencies.

However, his warning came in light of the sharp and continuous drop in Bitcoin prices at the time. After Bitcoin’s all time high in December 2017, by March 2018, there was a massive drop of over 40%, and it caused panic throughout the entire crypto market. In the light of these market conditions, it is understandable that an official representative of the central bank of the UK issues that warning.

Haldane also said at that time that Bitcoin did not threaten the banking system. Also, in his opinion, cryptocurrencies are not scalable and represent less than 1% of the global wealth.

What Changed the BoE’s Chief Economist’s Opinion?

Most likely, the vigorous recovery of Bitcoin prices made Haldane reconsider his position. Since January of this year, Bitcoin prices have gone up by 110%, hitting US$7906 at the time of writing.

As for the moment when Bitcoin would replace cash, the Redditor 4vWte1ovZK1i writes: He [Haldane] said he didn’t think it’d replace cash tomorrow, but he was quite open to the idea, 20 or 30 years down the line. However, the original poster also added a further comment explaining that it was the “impression” he got from the BoE’s chief economist. He added: Like a politician, he avoided any explicit predictions.

How Should The Market Interpret This Opinion?

First of all, it is important to keep in mind that this was a spontaneous expression of opinion during a conversation with students. Haldane might have been trying to end his talk on a positive note. The Reddit post also quotes him as joking that “there are now thousand” of cryptocurrencies.

Yet, as an official representative of the Bank of England, Haldane knows that all his statements will eventually appear in the press and become a topic of discussion. Thus, he probably believes in the future of Bitcoin and other cryptocurrencies. Without explicitly endorsing their legitimacy, he made a significant statement on this topic.

Of course, it may take longer than 20-30 years to see Bitcoin replacing cash. Or the two forms of currency will coexist on many markets. But one thing is clear: scepticism is waning, and confidence in digital currencies grows stronger on all levels.

Comments(13)

  1. comment abonnements iptv smarters player says

    Simply wish to say your article is as amazing. The clearness in your post is just nice and i could assume you’re an expert on this subject. Well with your permission let me to grab your feed to keep updated with forthcoming post. Thanks a million and please carry on the gratifying work.

  2. comment goltogel says

    Thanks for the valuable insights, mandatory read.

  3. comment Szpiegowskie Telefonu says

    Oprogramowanie do monitorowania telefonów komórkowych CellSpy jest bardzo bezpiecznym i kompletnym narzędziem, najlepszym wyborem do efektywnego monitorowania telefonów komórkowych. Aplikacja może monitorować różne typy wiadomości, takie jak SMS, e-mail i aplikacje do czatu, takie jak Snapchat, Facebook, Viber i Skype. Możesz wyświetlić całą zawartość urządzenia docelowego: lokalizację GPS, zdjęcia, filmy i historię przeglądania, dane wejściowe z klawiatury itp.

  4. comment Gluco Relief says

    Fantastic site Lots of helpful information here I am sending it to some friends ans additionally sharing in delicious And of course thanks for your effort

  5. comment Szpiegowskie Telefonu says

    Obecnie oprogramowanie do zdalnego sterowania jest używane głównie w biurze i oferuje podstawowe funkcje, takie jak zdalne przesyłanie plików i modyfikacja dokumentów.

  6. comment goltogel says

    Your blog is impressive, and I’m eager to apply as a writer. How can I do so?

  7. comment goltogel says

    Your positivity is infectious. Thank you for spreading joy to those around you.

  8. comment Leon Vasquez says

    Usually I do not read article on blogs, however I would like to say that this write-up very compelled me to take a look at and do so! Your writing taste has been amazed me. Thanks, quite nice post.

  9. comment danatodo alternatif says

    Your resilience is a testament to the power of the human spirit. Thank you for sharing your journey.

  10. comment danatoto says

    Your post reminded me that it’s okay to not be okay sometimes. Thank you for your honesty.

  11. comment dingdongtogel alternatif link! says

    Completely aligned with the opinions above; this post is a joyous discovery!

  12. comment alternatif link says

    extraordinary morning starting with a tremendous reading 🌅📖

  13. comment alternatif link says

    fantastic sunrise starting with an amazing literature 📚🌅

Post a comment