The bitcoin price fell steadily throughout last year, after rocketing to near $20,000 per bitcoin at the end of 2017, as many of the sky-high expectations for the burgeoning sector failed to materialize as quickly as many had hoped.
Now, Huw van Steenis, senior adviser to Bank of England (BoE) governor Mark Carney, has warned bitcoin, as well as other major cryptocurrencies, “fail the basic tests of financial services.”
“I’m not so worried about cryptocurrencies,” Van Steenis told Bloomberg Television in an interview from Davos. “[Bitcoin and cryptocurrencies] fail the basic tests of financial services. They’re not a great unit of exchange, they don’t hold value, and they’re slower.”
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