Bitcoin

Bank of England cuts interest rates, the governor has been against bitcoin

Following In the footsteps of the U.s. Federal Reserve decreases the reserve Bank of india the interest rate by 50 basis points to 0.25 per cent. That’s what makes the British Central Bank announced in a press release. Just as it is in America, it is a surprise cut. All of that is out of the closet at a time of recession, but is it enough?

Economy after the corona

According to a press release from the Bank of England will cut interest rates to stimulate the economy following the uncertainty triggered by the outbreak of the corona virus:

“The reduction in bank rates will help the confidence of businesses and consumers at a difficult time, to support the cash flow of firms and households, and to improve the cost and decrease the availability of financing is improving.”

The measures will have little impact on the Uk stock market. In fact, the shares continue to be today, even in the valleys. Below is a chart of the FTSE 100, the hundred largest British listed companies.
As it turned out, that the prices would recover, but that turned out to be short-lived:
Just as with the Us interest rate cut, the market has little confidence in the measures taken by the reserve Bank of india.

The governor is opposed to bitcoin is to ” Be prepared to lose your money’

Earlier this week, spoke to Andrew Bailey, governor of the Bank of England to the Treasury Committee of the Uk parliament. He talked about the bitcoin and it would not chip a lot of the cryptocurrency:
‘If bitcoin wants to buy it, be prepared to lose your money. If you would like to buy, please do so. But understand that it does not have intrinsic value. Bitcoin has not yet achieved a great deal.’

A good case for bitcoin

It is economically uncertain times, and this is a perfect case for bitcoin. Bitcoin has existed since 2009, and developed during a period of economic prosperity with them. However, the cryptocurrency is precisely because of the failure of the policies of the european union.
Satoshi Nakamoto created bitcoin in 2008, and since then, all of the rules for the addition of new bitcoins at all. Unexpected changes are impossible for anyone to know exactly what is going on. This means that the bitcoin is transparent and accountable. This is the perfect time for bitcoin to prove itself.

About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.