Bitcoin could become ‘worthless’, Bank of England warns
theguardian.com
Bitcoin could become ‘worthless’, Bank of England warns
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Re: Bitcoin could become ‘worthless’, Bank of England warns
#2I wonder when and if they will pass an act outlawing or “regulating” bitcoin/crypto like that was passed for gold in 1934:
https://en.wikipedia.org/wiki/Gold_Reserve_Act
Hillary Clinton talks about how crypto is a threat to currencies and especially to the dollar as a reserve currency (minute 29:30):
https://www.bloomberg.com/news/videos/2021-11-19/great-power...
Re: Bitcoin could become ‘worthless’, Bank of England warns
#3Bitcoin is a huge bubble, being driven up by speculation and some rather dodgy stablecoins. It's hard to say how long it will be able to sustain it's price, but if that bubble pops it could bring down the entire economy.
Re: Bitcoin could become ‘worthless’, Bank of England warns
#4Bitcoin is a huge bubble, being driven up by speculation and some rather dodgy stablecoins. It's hard to say how long it will be able to sustain it's price, but if that bubble pops it could bring down the entire economy.
Or it could act as economic stimulus, as the exit dollars get invested in productive endeavours, rekt coiners have to get a job, and electricity and electronics become cheaper due to the capacity being freed from cryptomining.
Re: Bitcoin could become ‘worthless’, Bank of England warns
#5Also it could become useful.
Re: Bitcoin could become ‘worthless’, Bank of England warns
#6Bitcoin just like any other currency, is worth exactly what people think it is worth. The entire financial system is basically a collective delusion of sorts. Any currency can become worthless as faith in it drops out.
Re: Bitcoin could become ‘worthless’, Bank of England warns
#7Central bank fearmongers over decentralized currency that could potentially undermine its existence.
Re: Bitcoin could become ‘worthless’, Bank of England warns
#8Bitcoin just like any other currency, is worth exactly what people think it is worth. The entire financial system is basically a collective delusion of sorts. Any currency can become worthless as faith in it drops out.
If you demand a currency to pay taxes and fines, there is always going to be people that need to acquire it.
Re: Bitcoin could become ‘worthless’, Bank of England warns
#9Bitcoin just like any other currency, is worth exactly what people think it is worth. The entire financial system is basically a collective delusion of sorts. Any currency can become worthless as faith in it drops out.
This is often repeated, but it always ignores that there are state-level actors (often called a "state") propping up currencies, often supported by central banks. In this regard Bitcoin is definitely not "like any other currency".
This is by no means exhaustive, there are a myriad of differences
Re: Bitcoin could become ‘worthless’, Bank of England warns
#10Bitcoin is a huge bubble, being driven up by speculation and some rather dodgy stablecoins. It's hard to say how long it will be able to sustain it's price, but if that bubble pops it could bring down the entire economy.
Or it could act as economic stimulus, as the exit dollars get invested in productive endeavours, rekt coiners have to get a job, and electricity and electronics become cheaper due to the capacity being freed from cryptomining.
Don't let a crisis go to waste