A Big Smile on Anti-Bitcoin Lips – The critics cryptocurrenciess are especially warm during the crypto winter. The governor of the Bank of England is one of those crypto-skeptics who are profiting in their own way from the recent crash in the price of Bitcoin (BTC).
Worthless Cryptocurrencies With Every Bitcoin Crash
The Governor of the Bank of England, Andrew Bailey, is a longtime detractor of cryptocurrencies. And it is certainly not today that he will be inclined to review his position on this subject. Andrew Baley indeed reiterated his criticisms against cryptocurrencies before the British Parliament, the day after the Celsius issues.
The cryptocurrency lending platform then suspended transfers and loans, causing concern among its users. His decision had tosignificant impact on the stairs. Indeed, it greatly benefited from the fall in the price of Bitcoin around the 20,000 dollars.
This situation is then a opportunity in or for crypto-skeptics, like Andrew Bailey. Indeed, the Governor of the Bank of England took the opportunity to declare that cryptocurrencies did not have “no intrinsic value”.
Moreover, Andrew Bailey is not not on his first attack against this new asset class. He had never hidden his disdain for the latter, repeating again and again his warnings against the sector.
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The worst is yet to come: on the markets and in the speeches
The crypto community should expect other virulent attacks against cryptocurrencies given the current context:
All these points are a real way for cryptophobic governments, institutions and media. To hear their speeches, cryptocurrencies no longer have no chance to start a bullish recovery. The floor price would then simply be 0 dollars. As for crypto companies, in particular stock exchanges and lending platforms, they would thus inevitably head towards a ravine.
But by showing a minimum of lucidity, the sector is not yet not in its first bear market. Is a long bearish correction really surprising, after the bullish rally of 2021 who saw a bitcoin rise to $69,000 ?
The years go by, and theadoption of cryptocurrencies continues to increase over the years, despite the crises. Yet the Governor of the Bank of England’s proposals on cryptocurrencies are remained frozen in time.
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