The Vice President of Bank of England said Bitcoin is “too small” to threaten the global economy

nBankruptcy Commentary: Bitcoin prices have soared recently, but the Bank of England vice president believes that, in spite of this, cryptocurrencies represented by Bitcoin do not pose a threat to the global economy because it has not yet reached the macroeconomic risk. And Bitcoin is only a commodity. Only many experts and traders began to speculate on the future price movements of bitcoin. Some predict that the price of bitcoin will continue to rise in the coming years.n
nTranslation: Annie_Xun
Bitcoin may have hit the $ 11,000 mark, but the vice president at Bank of England believes cryptocurrency does not threaten the global economy.n
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Bitcoin soaredn
A few days ago Bitcoin became one of the hottest topics in the world. Prices break through $ 11,000, many analysts and experts guess how much will rise.n
Well-known investor, billionaire Mike Novogratz successfully predicted Bitcoin will reach $ 10,000 within six weeks. He recently predicted that bitcoin will reach $ 40,000 over the next 13 months. Novogratz is not the only investor who believes Bitcoin and cryptocurrency markets will continue to rise in the coming years. According to a recent CNBC article, Tom Lee, a strategist and co-founder and strategist at Fundstrat Global Advisors, predicts Bitcoin may reach $ 100,000 once it accounts for 10-15% of the gold market.n
n”We think in the next decade, new millennials will regard trust as a substitute for gold, so bitcoin is actually a new generation of digital gold.”n
nMany traders and investors believe there is still a lot of potential for cryptocurrency in the coming years.n
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Bitcoin is not a threatn


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The hot digital currency may be at the pinnacle of the world, but many experts are starting to guess how it will change or affect the global economy, now and in the future. The Guardian article said Jon Cunliffe, deputy governor of the Bank of England, said the centralization of cryptocurrencies is not a threat to the global economy and financial institutions.n
n”It has not reached the macroeconomic risks that threaten the global economy, but I think investors need to be prepared as prices continue to soar.”n
“It’s not a recognized currency, it’s not backed by a central bank, and for me it’s more like a commodity.”n
nAs the heat and trading volume of Bitcoin and other cryptocurrencies continue to rise, the impact on the global economy will also become clearer.n

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