Bitcoin Is A Failure Says Governor Carney

The famous crypto currency bitcoin has often come under scrutiny by many. While many favor it, it is also severely criticized on many fronts. One f the people who think the bitcoin is a failure is Governor Carney. Bank of England’s Carney, while commenting on bitcoin, said, “the bitcoin has pretty much failed and the traditional aspects of money are better than it”. He also called the currency “volatile” and “illicit” in its activities and usage.

It seems like Governor Mark Carney is not a fan of the famous crypto currency. He called on the currency for its extreme volatility, despite the fact that it is the best digital currency in the world. “It has more or less failed up till now and so has its impact on the traditional aspects of money. It does not have a store value because you can find it all around the map. Nobody uses the currency as a medium of exchange”, said Carney, while speaking to Reuters this morning.

In terms of market value, bitcoin is the biggest crypto currency in the world. It reached record highs last year but has stumbled to new lows as well. However, recently, it seems like bitcoin is trying to reach the values that it was on, after slumping down to new lows.

While previously the bitcoin was touted as a purely peer to peer edition of electronic cash, it doesn’t work that way. The crypto currency was advertised to be devoid of banks and governments but things are not as simple as they seem and Carney feels the same. For Carney, the crypto currency is nothing but a failure.

Alongside the bitcoin, there have been many other currencies launched in the market. Take Ethereum or Ripple for that matter. However, despite the launch of many currencies alongside the bitcoin, it is true that bitcoin has failed to make the masses happy.

It has also been revealed that Venezuela will also launch the pre sale of its very own crypto currency called The Petro. The Petro will be backed by many commodities and oil. However, people who are against The Petro have said that it could easily get manipulated by Caracas.

Many countries are venturing into the crypto currency world but skeptics such as Carney stand against bitcoin and have openly expressed their sentiments against the currency on many fronts.

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Meagan Kozlovs

About the Author: Meagan Kozlovs

Meagan Kozlovs is a reporter for Debate Report. She’s worked and interned at Global News Toronto  and CHECX. Megan is based in Toronto and covers issues affecting her city. In addition to her severe milk shake addiction, she’s a Netflix enthusiast, a red wine drinker, and a voracious reader.

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