Fall of Bitcoin: the Bank of England takes the opportunity to denigrate the king of cryptos

A Big Smile on Anti-Bitcoin Lips – The critics cryptocurrenciess are especially warm during the crypto winter. The governor of the Bank of England is one of those crypto-skeptics who are profiting in their own way from the recent crash in the price of Bitcoin (BTC).

Worthless Cryptocurrencies With Every Bitcoin Crash

The Governor of the Bank of England, Andrew Bailey, is a longtime detractor of cryptocurrencies. And it is certainly not today that he will be inclined to review his position on this subject. Andrew Baley indeed reiterated his criticisms against cryptocurrencies before the British Parliament, the day after the Celsius issues.

The cryptocurrency lending platform then suspended transfers and loans, causing concern among its users. His decision had tosignificant repercussions on the stairs. Indeed, it has greatly contributed to the fall in the price of Bitcoin around the 20,000 dollsars.

This situation is then a opportunity in gold for crypto-skeptics, like Andrew Bailey. Indeed, the Governor of the Bank of England took the opportunity to declare that cryptocurrencies had “no intrinsic value”.

Moreover, Andrew Bailey is not not on his first attack against this new asset class. He had never hidden his disdain for the latter, repeating again and again his warnings against the sector.

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The worst is yet to come: on the markets and in the speeches

The crypto community should expect other virulent attacks against cryptocurrencies given the current context:

All these points are a real godsend for cryptophobic governments, institutions and media. To hear their speeches, cryptocurrencies no longer have no chance to start a bullish recovery. The floor price would then simply be 0 dollars. As for crypto companies, including stock exchanges and lending platforms, they would thus inevitably head towards a ravine.

But by showing a minimum of lucidity, the sector is not yet not in its first bear market. Is a long bearish correction really surprising, after the bullish rally of 2021 who saw a bitcoin rise to $69,000 ?

The years go by, and theadoption of cryptocurrencies continues to increase over the years, despite the crises. However, the words of the Governor of the Bank of England on cryptocurrencies are remained frozen in time.

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