According to Bitcoin expert Max Keiser, the Bank of England would move fast to acquire Bitcoin before it reaches $1 million in value.
His remarks follow a warning by BOE’s deputy governor for financial stability, Jon Cunliffe, that cryptocurrencies could ignite a worldwide financial crisis unless stricter controls are implemented.
Cunliffe says that although rigid financial protocols in a number of nations have begun to regulate cryptocurrencies, this needs to be done as soon as possible.
Stringent regulation for crypto needed
The deputy governor has urged for tougher regulation of Bitcoin and other cryptocurrencies. Guardian reports that Cunliffe has been a key figure in recent years in terms of monitoring cryptocurrencies as an adviser to the G20’s financial stability council and the central banks’ advisory body, the Geneva-based Bank of International Settlements.
“When something in the financial system grows at a breakneck pace and in a largely unregulated environment, financial stability regulators must take note,” he said.
How large such dangers become will be determined in no small part by the kind and speed with which regulatory and supervisory bodies respond.
Keiser implies that the BoE is “mourning” the demise of central banks as a result of Bitcoin.
On the bank’s ‘demise’ and buying before the $1M mark
“Bitcoin was instrumental in the demise of central banks. The Bank of England is currently in the second stage of sorrow, the rage stage,” Keiser said.
Additionally, he states that the BOE will consider embracing Bitcoin in the future.
“The negotiating phase will be their central bank digital currency, and if that fails, there will be depression as the price exceeds $500,000, followed by acceptance as the bank scrambles to purchase Bitcoin before it reaches $1million per coin,” Keiser said.
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