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Bitcoin has no actual value – Bank of England

[https://www.cnbc.com/2021/05/07/bank-of-englands-bailey-crypto-investors-risk-losing-all-their-money.html](https://www.cnbc.com/2021/05/07/bank-of-englands-bailey-crypto-investors-risk-losing-all-their-money.html)

So just like fiat or what ?
fiat also only has a value cause people agree that it does, same with bitcoin, right ?



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33 Comments

  1. That’s fine. Bank of England chooses fiat. Hoorah for Bank of England. Everyone else is free to chose as they wish, and it’s only a matter of time before folks like that old ignorant fiat-loaded fellow, realizes what is happening.

    It’s only a matter of time.

  2. “Buy them only if you’re prepared to lose all your money” is actually sound advice. That said, if they had no value, we wouldn’t be taxed on them, and we are. In fact in the UK, even if you change your crypto from one token to another, not involving FIAT in any way, it’s still potentially taxable. Sounds like it has value to me.

  3. Of course not. That is kind of the point. It has worth due to scarcity and it’s properties, such as, a hedge against inflation. Also, nothing has worth and only worth what someone would pay.

  4. Banks using Fiat and Boomers born in a generation where Fiat became the traditional standard will obviously support Fiat and delegitimize ‘competitors’ such as cryptocurrency. This isn’t new.

    We’re also approaching a generational wealth distribution where boomers still hold the majority of wealth.

    Lastly, on a side note relevant to this: Energy as Money is an interesting counterargument to explore.

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