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Bitcoin could trigger financial meltdown, warns Bank of England deputy

[https://www.theguardian.com/technology/2021/oct/13/bitcoin-could-trigger-financial-meltdown-warns-bank-of-england-deputy](https://www.theguardian.com/technology/2021/oct/13/bitcoin-could-trigger-financial-meltdown-warns-bank-of-england-deputy)

careful, Bitcoin – we really wouldn’t want that! 馃榾



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26 Comments

  1. The meltdown will be triggered by their own corruption/incompetence. This guy’s *real* objection is that Bitcoin gives ordinary people a way to shelter themsleves from the consequences of the bankers’ profligacy.

    In his world the plebs exist to bleed for the ruling class’s fuck ups, so of course Bitcoin seems bad from his perspective.

  2. NO TRILLIONS of printed money will cause a financial meltdown鈥.adding 40% of circulation to the money supply in UNDER A YEAR causes financial meltdowns. Don鈥檛 try and pin this shit on Bitcoin

  3. yeah, that’s the idea. out with the old, in with the new. creative destruction and all that… remember when shitty business models were allowed to fail? me neither, but i heard it was a thing once.

  4. Also, cars have triggered a meltdown in the horse and buggy business. Phones melted down the telegram business. Some antiquated ways of doing things find their last day and that is called progress.

  5. How far we have come, in no time. Only couple years ago everyone laughed at the idea that Bitcoin could be of any competition to fiat, and now they are running scared of it.

  6. In what way is Bitcoin’s effect on the economy any different from gold? Bitcoins market cap is ~2T, Golds market cap is ~12T. Why isn’t this guy scared of over leveraging and speculation in the gold markets, where we know it’s been rampant since forever?

    It’s just FUD.

  7. They’re going to be really pissed when Bitcoin is worth more than everything else combined.

    Even more pissed when Bitcoin is worth 100x more than everything else. It’s coming.

  8. Sorry that bitcoin will serve as a mirror to centralised banking incompetence, irresponsible companies that haven鈥檛 been responsible enough with their books to weather a storm.

    But there鈥檚 really nothing you can do about it. You can鈥檛 hide from bitcoin.

    They鈥檙e yet to realise they wont be regulating bitcoin, it鈥檒l be regulating them.

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