By Walter Grand in Politic —

Bitcoin is "impractical" as a means of payment

Bitcoin is "impractical" as a means of payment
Photo by Maxim Hopman / Unsplash

Bank of England Governor Andrew Bailey joined the chorus of central bank governors who criticized cryptocurrencies last week. He believes there is no prospect for bitcoin as a payment instrument.

Bailey said bitcoin has no intrinsic value, which prevents it from ranking with other payment instruments. According to him, the value of cryptocurrencies is market demand and nothing more.