12-14-2022, 06:39 AM
One year ago, the Bank of England issued a statement saying Bitcoin could become wor
<!-- SC_OFF --><div class="md"><p>This analysis was made right after Bitcoin's ATH was reached back in November 2021 and price subsequentelly collapsed to 48k by the time this statement was made. </p> <p>From the article published by The Guardian:</p> <p><em>In a separate blogpost published on its website on Tuesday, a member of the Bank’s staff said bitcoin failed to fulfil many of the features required of a currency and that it risked being inherently volatile.</em></p> <p><em>Thomas Belsham, who works in the Bank’s stakeholder and media engagement division, wrote: “The problem is that, unlike traditional forms of money, Bitcoin isn’t used to price things other than itself. As Bitcoiners themselves are fond of saying, ‘one Bitcoin = one Bitcoin’".</em></p> <p>Ever since its ATH Bitcoin didn't fare well. But neither the global economy though. Bitcoin is far from being a hedge against inflation per se, but also extremely far (and always more and more distant) from being worthless. In places where government mismanagement of money hit people the most lately, such as in Argentina, Turkey and Lebanon to mention some, Bitcoin is prospering and providing people a means to fight against the demise of their future carried out by governments and their irresponsible monetary policies.</p> <p>Taking into account all the fucked up things governments have been pondering about recently (CBDCs, huge taxes on crypto, over-bureaucratic KYC standards, limits on cash withdrawals, etc), chances are Bitcoin has never been so necessary as as it is nowadays. </p> <p>Link to the article: <a href="https://www.theguardian.com/technology/2021/dec/14/bitcoin-could-become-worthless-bank-of-england-warns">https://www.theguardian.com/technology/2021/dec/14/bitcoin-could-become-worthless-bank-of-england-warns</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Lillica_Golden_SHIB"> /u/Lillica_Golden_SHIB </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zkub2d/one_year_ago_the_bank_of_england_issued_a/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zkub2d/one_year_ago_the_bank_of_england_issued_a/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>This analysis was made right after Bitcoin's ATH was reached back in November 2021 and price subsequentelly collapsed to 48k by the time this statement was made. </p> <p>From the article published by The Guardian:</p> <p><em>In a separate blogpost published on its website on Tuesday, a member of the Bank’s staff said bitcoin failed to fulfil many of the features required of a currency and that it risked being inherently volatile.</em></p> <p><em>Thomas Belsham, who works in the Bank’s stakeholder and media engagement division, wrote: “The problem is that, unlike traditional forms of money, Bitcoin isn’t used to price things other than itself. As Bitcoiners themselves are fond of saying, ‘one Bitcoin = one Bitcoin’".</em></p> <p>Ever since its ATH Bitcoin didn't fare well. But neither the global economy though. Bitcoin is far from being a hedge against inflation per se, but also extremely far (and always more and more distant) from being worthless. In places where government mismanagement of money hit people the most lately, such as in Argentina, Turkey and Lebanon to mention some, Bitcoin is prospering and providing people a means to fight against the demise of their future carried out by governments and their irresponsible monetary policies.</p> <p>Taking into account all the fucked up things governments have been pondering about recently (CBDCs, huge taxes on crypto, over-bureaucratic KYC standards, limits on cash withdrawals, etc), chances are Bitcoin has never been so necessary as as it is nowadays. </p> <p>Link to the article: <a href="https://www.theguardian.com/technology/2021/dec/14/bitcoin-could-become-worthless-bank-of-england-warns">https://www.theguardian.com/technology/2021/dec/14/bitcoin-could-become-worthless-bank-of-england-warns</a></p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Lillica_Golden_SHIB"> /u/Lillica_Golden_SHIB </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zkub2d/one_year_ago_the_bank_of_england_issued_a/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zkub2d/one_year_ago_the_bank_of_england_issued_a/">[comments]</a></span>