Skip to content

Bank of England will scramble to buy BTC before it hits $1 million, Bitcoin expert projects

Bank of England will scramble to buy BTC before it hits $1 million, Bitcoin expert project

 

Bitcoin expert Max Keiser has said that the Bank of England (BoE) will be scrambling to acquire Bitcoin before the asset trades at $1 million. 

Keiser notes that the potential adoption of Bitcoin by the BoE is part of the broader notion that the asset has ‘killed’ central banks, Express.co.uk reports.

He states that BoE is eventually considering adopting Bitcoin, a process that is in various phases, which he likened to the five stages of grief. Keiser believes that the bank is in the anger phase. 

“The bargaining phase will be their central bank digital currency stage, and when that fails comes depression as the price tops £363,000 ($500,000) and then acceptance with the Bank of England scrambling to buy Bitcoin before it tops £727,000 ($1million) per coin,” said Keiser.

His comments come after Bank of England deputy governor Sir Jon Cunliffe indicated that cryptocurrencies threaten the global economy and called for the sector’s regulation. 

BoE’s strict approach to Bitcoin

According to Cunliffe, if strict regulations are not imposed on Bitcoin and cryptocurrencies, they can generally trigger a financial meltdown. He cited the volatility of the assets as the main reason for banning Bitcoin. According to Cunliffe:

“But as the financial crisis showed us, you don’t have to account for a large proportion of the financial sector to trigger financial stability problems sub-prime was valued at about $1.2tn in 2008.”

The official maintained that Bitcoin poses stability risks that can grow rapidly, affecting the general financial system. He said that the main concern is that the crypto assets have no intrinsic value and are vulnerable to significant price corrections.

Cunliffe acknowledged that governments must be careful not to overreact or classify new approaches as “dangerous” because they are different. 

However, he stated that cryptocurrencies and the technology behind them offer a radical improvement in financial services.

[coinbase]

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.