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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.

By Oliver Knight
Updated May 11, 2023, 6:54 p.m. Published Jun 13, 2022, 4:35 p.m.
Bank of England (PeterRoe/Pixabay)
Bank of England (PeterRoe/Pixabay)

In this article

BTCBTC$113,405.79◢0.82%

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$113,405.79
    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.
Bank of EnglandCelsiusUK
Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.

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Oliver Knight

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