The Bank of England has said that bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything. The market capitalisation of crypto assets has grown tenfold since early 2020 to about $2.6tn, representing about 1% of global financial assets. About 0.1% of UK households’ wealth is in bitcoin and similar crypto assets, such as ethereum and Binance coin. As many as 2.3 million people hold crypto assets, at an average amount of about £300 each. As Bitcoiners themselves are fond of saying, ‘one Bitcoin = one Bitcoin’.

Source: The Guardian December 15, 2021 13:59 UTC