Bank of England's turnaround on Crypto

BoE's governor Mark Carney’s (Chair of FSB too) previous comments on Bitcoin have been mostly negative.
He recently asserted that the crypto leader “has failed as a currency,” adding that “the prices of many cryptocurrencies have exhibited the classic hallmarks of bubbles including new paradigm justifications, broadening retail enthusiasm and extrapolative price expectations reliant in part on finding the greater fool.”
The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system.

Now he says cryptocurrencies “do not pose risks” to the world’s economy and should be embraced.

From http://www.fsb.org/wp-content/uploads/P180318.pdf :

"The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.
This is in part because they are small relative to the financial system.
Even at their recent peak, their combined global market value was less than 1% of global GDP.
In comparison, just prior to the global financial crisis, the notional value of credit default swaps was 100% of global GDP.
Their small size, and the fact that they are not substitutes for currency and with very limited use for real economy and financial transactions, has meant the linkages to the rest of the financial system are limited.
...the technologies underlying them have the potential to improve the efficiency and inclusiveness of both the financial system and the economy."