Monday 23 May 2022 02:40 PM BoE chief Andrew Bailey issues stark warning on cryptocurrencies trends now
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Bank of England chief Andrew Bailey has issued a warning on cryptocurrencies saying they have 'no intrinsic value'.
The governor likened purchasers of crypto assets to hoarders of curios - saying 'people collect all sorts of things'.
He argued that products such as Bitcoin were not 'practical means of payment' even though technology such as blockchain was undoubtedly 'important'.
The comments, in an interview with the Jobs of the Future podcast hosted by ex-government adviser Jimmy McLoughlin, came amid a dramatic plunge in the values of many popular cryptocurrencies.
The assets are a form of digital money that use mathematics to create a unique piece of code that customers invest in.
Bank of England governor Andrew Bailey likened purchasers of crypto assets to hoarders of curios - saying 'people collect all sorts of things'
Bitcoin was the original digital currency started in
