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Andrew Bailey

Andrew Bailey Takes Over As Governor Of The Bank Of England

Andrew Bailey, one of the biggest opponents of bitcoin among the world’s government officials, today officially holds the helm of the Bank of England. He warned Bitcoin investors last week that “all their money should be lost.”

Today marks the end of Mark Carney’s seven-year term as head of the Bank of England or the UK central bank, and one of the most critical economic conditions of the last few decades, Andrew Bailey, who has a long history in banking, holds the chair of the largest institution. British finance sits.

The new head of the Bank of England has a difficult task of defining and managing its monetary policy during the transition to and from the EU, and on the other hand, it has to think of a solution to the Coronavirus crisis.

But in digital currencies, Bailey’s presidency of the Bank of England is important because he is a staunch opponent of bitcoin.

On March 4, Bailey said during a meeting with British lawmakers in parliament that Bitcoin was not intrinsic value and that investors should be ready to waste all their money.

As he spoke live on British television, he said:

If you want to buy bitcoin, be prepared to lose all your money. If you want to buy, buy but understand what you have done. [Bitcoin] has no intrinsic value.

The banker had once again warned of bitcoin purchases in December 2017 when he headed the UK’s Financial Services Strategy (FCA) and bitcoin was reaching its highest point in history, at $ 20,000 Was.

He has also denied bitcoin currency, calling it a “Swinging commodity.” Like other Bitcoin critics, he also believes that this digital currency is popular with criminals.

About 10-days after Bailey’s speech in the UK parliament, bitcoin prices fell by more than 40%, prompting social media to talk about conspiracy theories that he was aware of the decline in bitcoin prices.

According to experts, the intellectual background of the new head of the Bank of England from Bitcoin may lead to stricter regulations on digital currencies during his presidency.

 

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