Bitcoin not big enough to threaten world economy, BoE deputy says

[snoop1130]

Bitcoin not big enough to threaten world economy, BoE deputy says

Reuters Staff

 

Bank of England Deputy Governor Jon Cunliffe speaks at the 'Future Forum 2017' event in St George's Hall, Liverpool, Britain November 16, 2017. REUTERS/Phil Noble/File Photo

 

LONDON (Reuters) - Bitcoin is not at a size where it would pose a risk to the global economy, Bank of England Deputy Governor Jon Cunliffe said on Wednesday, as the virtual currency soared to a record high above $10,000 on major exchange.

 

The cryptocurrency has climbed 10-fold so far this year, the largest gain of all asset classes and prompting skeptics to warn it is a classic speculative bubble.

 

“I would just say investors kind of need to do their homework,” Cunliffe told BBC Radio.

 

He said he did not think British households as a whole were going on a “debt-fueled binge” but added that fast rates of consumer credit growth needed to be watched.

 

Cunliffe was in the minority of officials to vote against a rise in interest rates that took place earlier this month.

 

Asked why in a separate BBC radio interview, Cunliffe said that although he agreed with his colleagues that Britain’s potential rate of economic growth had slowed since the financial crisis, he wanted to see more sign of inflation pressure.

 

“My view was given the disappointments we’ve had about pay increases and domestic cost pressures over recent years, we should wait to see those before raising rates.”

 

-- © Copyright Reuters 2017-11-30

[4MyEgo]

Badda Bit, Badda Bang, Badda Coin

[uli65]

No, Bitcoin is not a threat for the global economy, but fools like him are

[jesimps]

35 minutes ago, uli65 said:

No, Bitcoin is not a threat for the global economy, but fools like him are

Along with Carney, this <deleted> is one of those doing their utmost to scupper Brexit. I'll take whatever he says with a pinch of salt.

 

[BuaBS]

15 hours ago, snoop1130 said:

Bitcoin is not at a size where it would pose a risk to the global economy

I hope it will be , and soon.

[Austrian26]

It took Cryptos 8 years to reach a 200  Billion Market Cap, within the last 3 weeks they got to 300!..  

1 more year and it will be 1 Trillion.. some more years and Bitcoin + Altcoins will liberate the people from those stupid banksters. 

[Krataiboy]

Bitcoin a threat to the world economy? Talk about pot and kettle!

 

Who has caused most of the big financial collapses in history - including the last one? And who, as the rest of us were plunged into a decade of austerity in 2008, made a killing snapping up valuable assets for cents on the dollar?

 

And who will be laughing all the way to the bank once more when the next big downturn hits - which could be anytime soon, according to leading financial experts?

 

You got it.

 

The banks, with their ability to print endless amounts of digital currency, are fuelling a giant ponzi scheme which is transferring most of the world's wealth into the pockets of a fortunate few.

 

This cannot continue indefinitely. As Marx (Karl, not Groucho) predicted, when the masses have been turned into penniless debt slaves - which is what is, at an ever faster pace, is happening now - the entire system will collapse.

 

That is why I am betting on Bitcoin and its fellow crypto-currencies not to destroy the world but to save it.

Edited December 1, 2017 by Krataiboy

[Sir Dude]

And throw into the mix that many countries are heading towards being cashless societies without the consent of their populations or really thinking it though properly, then many people (already started) will turn to crypto-currencies because they want some anonymity or privacy in their daily lives. I don't mind using my card etc. for some stuff but having some faceless greedy company know every single transaction I make each week (down to the brand of chocolate bar I buy) is too much...plus they will sell that info too. No way Jose.