Bitcoin Broken

Senior Banker Warns Bitcoin Has A ‘Basic’ Problem

Bitcoin has long struggled to justify its price, now hovering around the $3,500 mark, as it battles against network issues, extreme volatility, and stalling usage.

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.”

Bitcoin, along with many of its peer cryptocurrencies, has attracted criticism in the past for same issues Van Steenis highlighted. Last year, Carney warned bitcoin could be heading for…

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