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Wednesday

21 October 2020

Bitcoin's Intrinsic Value: Crypto Community Responds to Bank of England Governor | News Bitcoin News

Bitcoin's Intrinsic Value: Crypto Community Responds to Bank of England Governor | News Bitcoin News


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Bitcoin’s intrinsic value has been heavily discussed in the crypto community this week following a remark by the governor of the Bank of England suggesting that the cryptocurrency may have no intrinsic value.

Bank of England Governor Andrew Bailey talked about bitcoin’s intrinsic value during a question and answer session with members of the public early this week.

“I have to be honest, it is hard to see that bitcoin has what we tend to call intrinsic value,” he was quoted by Reuters as saying.

“It may have extrinsic value in the sense that people want it.” Furthermore, the governor said people using bitcoin for payments makes him “very nervous” because the value of the cryptocurrency is uncertain.

“Bitcoin faces a ‘modest headwind’ in the short term based on an analysis of bets in the futures market and an estimate of the cryptocurrency’s intrinsic value,” Bloomberg reported them explaining, adding that they said the price remains about 13% higher than an estimate of intrinsic value.

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