{"id":9249,"date":"2022-05-23T16:57:07","date_gmt":"2022-05-23T16:57:07","guid":{"rendered":"http:\/\/ci02a1e771900024c5"},"modified":"2022-05-23T16:57:07","modified_gmt":"2022-05-23T16:57:07","slug":"bank-of-england-governor-says-bitcoin-isnt-practical","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/bank-of-england-governor-says-bitcoin-isnt-practical","title":{"rendered":"Bank of England Governor Says Bitcoin Is Not Practical"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>Andrew Bailey, Governor for the central Bank of England, appeared on the Jobs of the Future podcast to discuss bitcoin and the future of currency.<\/li>\n<li>Bailey explained he believes bitcoin has no intrinsic value and will not become a widely used form of digital currency.<\/li>\n<li>The governor also claims the underlying technology of bitcoin has value and \u201cmay well lead to things.\u201d<\/li>\n<\/ul>\n<p>Andrew Bailey, Governor of the Bank of England, recently appeared on the <a href=\"https:\/\/www.jobsofthefuture.co\" target=\"_blank\" rel=\"noopener\"><em>Jobs of the Future<\/em><\/a> podcast to discuss the future of bitcoin and cryptocurrency where he explained he does not believe bitcoin is a practical means of payment. <\/p>\n<p>When asked if the governor owns any bitcoin, he responded:<\/p>\n<p>\u201cI don\u2019t, no. To be honest with you, I\u2019m probably not liked by the advocates of bitcoin because I have said I don\u2019t think it has any intrinsic value.\u201d <\/p>\n<p>The governor continued to explain that he believes bitcoin can only have extrinsic value, which just means people want to own and acquire it as a store of value. Bailey claimed the absence of intrinsic value lies in the impracticality of bitcoin as a means of payment when he was discussing what form of digital money would evolve to widespread use, if not bitcoin.<\/p>\n<p>\u201cI don\u2019t think it will be crypto, in a sort of bitcoin sense of the term. I don\u2019t think that\u2019s a practical means of payment,\u201d Bailey explained. \u201cBut again, it may well lead to things.\u201d <\/p>\n<p>However, the governor then explained that there does seem to be value in the underlying technology of bitcoin as it relates to the future of payments. Bailey explained the technology (\u201cblockchain and distributed ledger technology\u201d) should be respected and then continued to explain the inevitability of digital money.<\/p>\n<p>\u201cWhat I think is to be determined, is if we are much more likely to be living in a world of digital currency than old fashioned payment methods, precisely what form of digital currency or digital use actually winds up being the one that becomes the sort of accepted norm?\u201d Bailey posited. <\/p>\n<p>In discussing the possible outcomes of the public wanting to adopt digital forms of money, the governor touched on the responsibilities of regulators to evolve with changing tides. One of the governor&#8217;s closing thoughts on the matter of Bitcoin and its underlying technology focused on the regulatory action of entities like the Bank of England. <\/p>\n<p>\u201cWe can sometimes get in the way of certain things we shouldn\u2019t get in the way of,\u201d said the governor.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the Jobs of the Future podcast, governor Andrew Bailey from the Bank of England said bitcoin has no intrinsic value and is not a practical means of payment.<\/p>\n","protected":false},"author":2785,"featured_media":9250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[1954,76,2281,93],"class_list":{"0":"post-9249","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-bank-of-england","9":"tag-bitcoin","10":"tag-governor","11":"tag-news"},"author_data":{"id":2785,"name":"Shawn Amick","nicename":"shawn-amick","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/MjEwMTYzMzc3Njg5ODYzNjQ2-96x96.webp"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/the-bank-of-englands-rscoin-an-experiment-for-central-banks-or-a-bitcoin-alternative.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/9249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2785"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=9249"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/9249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/9250"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=9249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=9249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=9249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}