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22.12 - 18:07
Bitcoin could become ‘worthless’, Bank of England warns
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theguardian.comThe Bank of England has said that bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything.
In a warning over the potential risks for investors, the central bank questioned whether there was any inherent worth in the most prominent digital currency, which has soared in value this year to close to $50,000 (£37,786) a piece.
The cryptocurrency peaked above $67,000 in early November, but suffered a sell-off after news first broke of the Omicron variant of coronavirus, before stabilising around its current level in the past week.
The Bank’s deputy governor, Sir Jon Cunliffe, said it had to be ready for risks linked to the rise of the crypto asset following rapid growth in its popularity.
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