Bitcoin, the world's oldest and largest cryptocurrency could become “worthless” and people investing in this crypto asset should be prepared for this huge monetary shock, reported the Guardian.comThe deputy governor of Bank of England, Sir Jon Cunliffe, said to BBC, “Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero." The 2021 crypto market cap is 2.24 trillion dollars or about 1 per cent of the global financial asset. Bank of England’s financial policy committee which was set up after the U.S Mortgage crisis of 2008 continues to monitor the crypto space closely. As Bitcoiners themselves are fond of saying, ‘one Bitcoin = one Bitcoin’. Shaktikanta Das, governor, Reserve Bank Of India, expressed in a recent meeting his concerns about the negative effects that crypto(s) may pose to India’s Financial Stability.

Source: The Guardian December 16, 2021 14:05 UTC