Bank of England Made An Important Statement Regarding Bitcoin

Bank of England made an important statement regarding Bitcoin. The bank said that Bitcoin could become worthless.

Due to the fact that it is the largest of the cryptocurrencies, the explanations about Bitcoin, which is very popular, are coming one after another. The Bank of England has warned investors that cryptocurrencies, which host large price fluctuations, may become “worthless” at some point.

May Be Undervalued Due to Its Limited Nature

We see that Bitcoin, which fell below $ 20,000 last month and rose to the current $ 48,500 level, has been valued five times in just 14 months. In addition, Sir Jon Cunliffe, vice-president of the Bank of England, used the words that "prices can be quite volatile and these coins can fall to zero theoretically or practically" regarding the risks that can be experienced in crypto. The Bank's senior press officer, Thomas Belsham, said that due to Bitcoin's limited nature, no more than 21 million will be mined, which could eventually render Bitcoin worthless. As it is known, 90 percent of the Bitcoin supply has been mined and the remaining supply is expected to be mined until 2140. While discussions about the leading cryptocurrency continue, last month Sweden invited all of Europe to ban crypto mining due to environmental problems. However, while the Chinese government has declared all crypto transactions illegal, it is known that El Salvador's plans to build a city structure based on Bitcoin are ongoing.