Bitcoin is too volatile to be used as legal money, according to Bank of England’s Chief

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Bitcoin is too volatile to be used as legal money, according to Bank of England’s Chief

  • Bank of England governor Andrew Bailey has expressed concerns over El Salvador’s adoption of Bitcoin as legal tender after President Nayib Bukele announced the launch of Bitcoin City.
  • Trading around $43,000 on the first day of El Salvador’s Bitcoin adoption as legal tender, Bitcoin surged to a new historical high above $68,000 on Nov. 9.
  • The IMF previously issued a warning against El Salvador’s Bitcoin Law in June, which didn’t prevent the country from adopting it and accepting BTC as legal tender in September.

[Via]

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