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Bank of England Chief Takes Victory Lap as Crypto Crumbles
Andrew Bailey, the head of the U.K. central bank, was testifying in Parliament on Monday afternoon.
Updated May 11, 2023, 6:54 p.m. Published Jun 13, 2022, 4:35 p.m.
Bank of England Governor Andrew Bailey reiterated his stance on cryptocurrencies, stating that the asset class has "no intrinsic value."
- The longtime crypto skeptic was testifying in the U.K. Parliament the day after lending platform Celsius suspended transfers and withdrawals, helping to send bitcoin and the rest of the cryptocurrency sector into a tailspin.
- "Crypto assets have no intrinsic value. This morning we have seen another blow-up in a crypto exchange," Bailey said.
- Bailey's comments followed Celsius's decision Sunday night to halt transfers and withdrawals, citing extreme market conditions. Celsius is based in the U.K. and has said it plans to "honor withdrawal obligations" in spite of speculation about its solvency.
- Bailey hasn't been shy about his disdain for crypto, having previously warned on the lack of value of the sector as a whole and saying bitcoin is not a practical means of payment. In December he also urged U.K. banks to be "especially cautious" with crypto.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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