Bank Of England Will Scramble To Buy BTC Before It Hits $1 Million, Says Bitcoin Maximalist
October 17 2021 - 11:30AM
NEWSBTC
Bitcoin expert Max Keiser has said that the Bank of
England (BoE) will scramble to buy Bitcoin before the digital asset
trades at $1 million. His comments come after Bank of England’s
deputy governor for financial stability, Jon Cunliffe, warned that
cryptocurrencies could spark a global financial crisis unless tough
regulations are introduced. Although regulators in many countries
have started putting policies in place to manage the rapid growth
of cryptocurrencies, Cunliffe said this must be pursued as a matter
of urgency. Bank of England Warns Against Crypto The deputy Bank of
England governor has called for strict regulations on Bitcoin and
other cryptocurrencies. According to the Guardian, Cunliffe has
played a central role in monitoring cryptocurrencies over recent
years as an adviser to the G20’s financial stability board and the
central banks’ overarching advisory body, the Geneva-based Bank of
International Settlements. Related Reading | Bank Of England
Seeks To Strengthen Cryptocurrency Regulations In a speech on
Wednesday, October 13, Cunliffe compared the growth rate of the
crypto market, from $16 billion five years ago to $2.3 trillion
today, to the $1.2 trillion subprime mortgage market before the
2008 financial crash. He said there was a probability that
financial markets could be rocked in a few years by an event of
similar magnitude. “When something in the financial system is
growing very fast and growing in largely unregulated space,
financial stability authorities have to sit up and take notice,” he
said. He also spoke about the majority of crypto-assets having no
intrinsic value and could be worthless overnight. He stated
emphatically how the crypto world is beginning to connect to the
traditional financial system even though the space is still largely
unregulated. The banking chief added that there were “Financial
stability risks currently are relatively limited, but they could
grow very rapidly if, as I expect, this area continues to develop
and expand at pace. How large those risks could grow will depend in
no small part on the nature and on the speed of the response by
regulatory and supervisory authorities.” Related Reading
| Bank of England Governor Still Isn’t a Fan of Bitcoin His
comments are similar to those of Bank of England Governor Andrew
Bailey. In May, Bailey called crypto dangerous and warned that
investors should be prepared to lose all their money due to the
digital assets’ lack of intrinsic value. Bitcoin Expert’s Response
Bitcoin expert Max Keiser responded to the Bank of England’s deputy
governor’s recent warning about cryptocurrencies in
a statement to Express.co.uk. He said, “Bitcoin is
designed to trigger a meltdown of the current fiat money banking
system. This is a mathematically guaranteed outcome.” BTC trading
at over $60.8K | Source: BTCUSD on TradingView.com Keiser implies
that the BoE is grieving because Bitcoin killed central banks.
“Bitcoin killed central banks. The Bank of England is in the second
stage of the five stages of grief, the anger phase.” He further
pronounces that the Bank of England will eventually consider
adopting Bitcoin. “The bargaining phase will be their central bank
digital currency stage and when that fails comes depression as the
price tops £363,000 ($500,000) and then acceptance with the Bank of
England scrambling to buy Bitcoin before it tops £727,000
($1million) per coin,” Keiser says. Featured image by Proactive
investors, Chart from TradingView.com
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