Bank of England Economist; Bitcoin Could Replace Cash

Yet another bitcoin (cryptocurrency) skeptic has a total change of heart. The Bank of England’s Chief Economist (Andrew Haldane) reversed a year ago warning that cryptocurrencies were dangerous. He also mused that bitcoin was not a threat to the existing banking system and, basically, would never make a dent in the world’s wealth. Well, after the recent price recovery in bitcoin the Bank’s Chief Economist now says;

“Mr. Haldane said it [bitcoin] could replace cash, he even joked about us likely having Bitcoin in our wallets,” the witness shared on Reddit. “He said he didn’t think it’d replace cash tomorrow, but he was quite open to the idea 20 or 30 years down the line. He was also quite familiar with cryptocurrencies and joked that there were now thousands of them.”

So, another convert to “bitcoin-ism” has seen the light leaving the likes of Warren Buffet, Nouriel Roubini and several others to continue to refuse to accept reality. Another day, another sign of acceptance. Read further below…

Bill Taylor/Fintek Capital

“It took bitcoin an 85 percent crash followed by a 135 percent recovery to convince a prominent financial expert about its underlying potential.

Andrew G Haldane, the chief economist of the Bank of England, said bitcoin is on its way to replace cash, according to an eyewitness’s account. The 51-year academic made the statement when he was interacting with an audience of students. One of them asked Haldane about his thoughts on the future of cryptocurrencies. Haldane replied that he believed bitcoin, in particular, would become as relevant as cash in the next 20-30 years…

…Haldane’s statement appeared in contrast with Haldane’s earlier take on bitcoin. The economist in March 2018 had issued a warning to investors about the dangers of investing in cryptocurrencies. At the same time, he had stated that bitcoin was not a threat to the existing banking system, arguing that the cryptocurrency was not scalable and did not even make 1 percent of the global wealth…”

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