Bank of England Governor Andrew Bailey has claimed that Bitcoin will fail as a payment method.
Speaking on the podcast he attended, Bailey stated that Bitcoin will not be a widely accepted form of payment due to its impracticality.
Bailey has previously stated that Bitcoin has no real value.
Bailey said that “people collect all kinds of things”, claiming that Bitcoin is only valuable because people want to own it.
In the past days, European Central Bank President Christine Largade stated that crypto has no value.
The Swedish Central Bank has also issued a statement on why cryptocurrencies are not “money”.
A similar statement to Bailey came from FTX CEO Sam Bankman-Fried. Fried noted that Bitcoin has no future as a payment method due to Bitcoin’s scalability issues that have yet to be resolved.
Bitcoin is trading at $29,085 at the time of writing, according to Binance data.
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