Bitcoin
$62,477.49-2.29%
Ethereum
$3,191.41-3.34%
Binance Coin
$593.45-1.09%
Solana
$136.08-5.20%
XRP
$0.50669199-2.86%
Dogecoin
$0.14482444-3.43%
Toncoin
$5.37-1.64%
Cardano
$0.45512273-3.69%
Shiba Inu
$0.00002392-3.88%
Avalanche
$33.60-4.01%
Tron
$0.12037676-0.08%
Wrapped Bitcoin
$62,602.18-2.48%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
30
DAYS
07
HR
33
MIN
01
SEC
Finance

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.

By Oliver Knight
AccessTimeIconJun 13, 2022 at 4:35 p.m. UTC
Updated May 11, 2023 at 6:54 p.m. UTC
Bank of England (PeterRoe/Pixabay)
Bank of England (PeterRoe/Pixabay)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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 (BTC) 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.
VolumeMuteUnmute

What's Driving the Resurgence of the Ronin Blockchain?

  • Why USDT Dominates Supply With Lower Transaction Volume
    01:11
    Why USDT Dominates Supply With Lower Transaction Volume
  • ARK Sells Last of Its ProShares Bitcoin Futures ETF Shares; Consensys Files Lawsuit Against the SEC
    02:03
    ARK Sells Last of Its ProShares Bitcoin Futures ETF Shares; Consensys Files Lawsuit Against the SEC
  • Bitcoin Was 'Much More International,' Kara Swisher Says
    01:15
    Bitcoin Was 'Much More International,' Kara Swisher Says
  • Morgan Stanley May Allow Brokers to Pitch Bitcoin ETFs; 'Buy Bitcoin' Sign Auctioned for Over $1M
    01:55
    Morgan Stanley May Allow Brokers to Pitch Bitcoin ETFs; 'Buy Bitcoin' Sign Auctioned for Over $1M

    • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.