Bank of England governor declares Bitcoin a failure

Bank of England governor Mark Carney has declared Bitcoin a failure, with the virtual currency meeting none of the requirements to become a legitimate currency.

He told students at Regent’s University in London: “It has pretty much failed thus far on… the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.”

According to Carney, then, Bitcoin and other cryptocurrencies would need to do two things in order to take on traditional payment methods – become a means of exchange, and store value.

He does, however, believe that blockchain has its uses in the financial world, adding: “Cryptocurrency’s underlying technology may still prove useful as a way to verify financial transactions in a decentralised way.”