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Wednesday, 21 February 2018

Bank of England Governor Says Bitcoin Has Failed The True Tests Of a Currency


Speaking at a private event in Regent's University London, Bank of England Governor, Mark Carney said that by traditional definitions, Bitcoin can not be rightly called a currency.


Read Also: Bank of Japan Governor says Cryptocurrencies Are No Match For Legal Tenders

Carney claimed that Bitcoin has does not have two key characteristics of traditional currencies:
1. It is not a store of value because it is all over the map
2.Nobody uses it as a medium of exchange

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.

However Carney added:
Cryptocurrency's underlying technology may still prove useful as way to verify financial transactions in a decentralized way.
 Carney is not alone in advocating that bitcoin should not be regarded as a currency, UBS Wealth Management's outspoken chief economist Paul Donovan said in November that bitcoin will never become a true currency because of a series of "fatal" flaws.
"A currency has to be a widely used medium of exchange," Donovan said. "Cryptocurrencies are never going to achieve that. Period."

Read Also: Ethereum Founder Says Traditional Assets Are The Safest Investments Not Cryptocurrencies

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