Governor of Bank of Britain roasted Btc and other popular crypto currencies !!!!!!!!!!!

shamimhossain (71)mutedFraud(Banned)in Steem Alliance • last year

Tuesday
Date: 11 July 2023

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Governor Andrew Bailey of Bank of Britain overtly roasted Btc and a bunch of different cryptocurrencies in his speech at the Mansion residence in Britain. Additionally in latest speech, Bailey called Bitcoin, Eth, USDT etc extremely unsafe assets. The speech noticed Bailey taking a rough attitude against the virtual asset industry by his condemnation. He additionally raised a similar reproval of the stablecoins in his extensive stand against the crypto industrysource.

Background - Prospect of digital currency inside the conventional system is a thrilling one. The biggest incident of 2023 happened at the autumn with FTX fall which pictured a terrible position on the crypto market as a whole. But as time passed, the crypto market has seen a group of conventional finance corporations. They are looking to secure their spots. That indicates there is a strong chance of recovery as investors and many companies coming forward to hold.
Gist of the statement - Even though the governor of Bank of Britain has made a bold statement that is spreading negativity. He roasted crypto and associated platforms. As stated by Bailey, stablecoins are not strong, he stated in the speech he gave. He added stating that stablecoins do not meet the standards of safe money. Digital assets known as stablecoins are linked to things that are unreal. This can be anything from gold to the US dollar and offers a safe alternative to conventional cryptocurrencies where the US Federal Reserve has accepted stablecoins as a form of money in current times. According to Bailey traditional finance will not be overtaken by interest in digital assets. Still the fact that Bailey has made statements of this nature before, they put the industry's situation in a condemned way how the central bank assessment of the industry is been done.

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Conclusion – The governor of bank is trying to undermine the strength of Btc and crypto as a whole. Very soon he will get to know how blockchain and crypto takes over the financial system.