While the Governor of the Bank of England claimed that Bitcoin will fail as a payment method, the Governor of the Reserve Bank of India said that the cryptocurrency has no fundamental value. Along with this news, altcoins also went down with Bitcoin.
“Bitcoin will fail as a payment method”
Bank of England Governor Andrew Bailey joined the chorus of central bankers criticizing cryptocurrencies last week. Andrew Bailey claimed during his last podcast appearance that Bitcoin will not be a widely accepted form of payment because it is ‘practical’.
“People collect all kinds of things,” Bailey continues to defend his claims, claiming that Bitcoin is only valuable because people want to own it.
Last week, several high-profile central bankers made some nasty comments about cryptocurrencies. As reported by Cryptokoin.com , European Central Bank President Christine Largade said that while complaining about excessive speculation about the new asset class, crypto has absolutely no value.
Meanwhile, Swedish Riksbank recently posted a long Twitter thread explaining why Bitcoin and other cryptocurrencies cannot be classified as money. While central bankers have ignored cryptocurrencies for years, even some of the most influential people in the cryptocurrency industry tend to question Bitcoin’s ability to be successful as a means of payment.
“Cryptocurrencies have no fundamental value”
Shaktikanta Das, head of the Reserve Bank of India, according to a report by a local media outlet, cryptocurrencies He reiterated that currencies have no fundamental value. Shaktikanta Das believes that cryptocurrencies can ‘seriously undermine’ the country’s financial system.
Central bank chief points to the latest cryptocurrency correction to justify his cautious stance towards cryptocurrencies. Shaktikanta Das emphasizes that the central bank appears to be on the same page as the government when it comes to cryptocurrencies. It seems that central banks around the world continue to be hawks against cryptocurrencies.
Bitcoin and altcoins fell
The leading crypto Bitcoin, once again, dived below 30 thousand dollars. At the time of writing, BTC fell by 2.47% to $29,177 in the last 24 hours, according to CoinMarketCap data. Major altcoin projects such as Ethereum, Cardano, Solana, Ripple, Avalanche have also mostly followed Bitcoin.
