With the UK’s central bank comparing the crypto collision with the dot-com crisis, Deputy Governor of Bank of England Jon Cunliffe notices a possibility for crypto breakdown survivors to be in the same position as companies such as Amazon.com Inc and eBay Inc.
Numerous companies around the world are deeply affected by this crypto breakdown, and it will take much time to recover the loss. Many companies will find it hard to survive in this situation but those who will make it all along can become the Amazon and eBay of the future.
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Jon Cunliffe’s Views on the Crypto Crash
On June 22, Jon Cunliffe- Deputy Governor of the BoE, stated the companies that survive the crypto bearish phase could grow and become the future leading enterprises, just like Amazon and eBay which recovered and grew after the dot-com destruction in the starting years of 2000.
Addressing the world in Point Zero Forum at Zurich on 22nd June, the central banker of the U.K. expressed that the metaphor for him is the dot-com crash when it brushed off $5 trillion. Many firms moved out, but the world keeps on evolving. After 10 years it crashed again, and those who survived the loss like the Amazon enterprise and the eBays Inc. became the leading companies in the market.
According to him, this technology has massive applications and potential within the financial sector despite the present uncertainty. The Crypto market has the potential for the excellent capability to make changes in the way the world functions.
As per the sources, the UK’s banking administration was examining the possibility of expanding its own digital central bank retail currency and is scheduled to create a consultation document in 2022.
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Bank of England’s Opinions on Cryptocurrency:
It is to be noted that a week earlier, Bank of England’s Governor Andrew Bailey denied crypto as holding any innate value by addressing UK’s Parliament Committee. The Governor gave his opinion based on the current downfall of the cryptocurrency market.
In the month of December, Cunliffe cautioned the established financial system regarding the quick increase in crypto value, that it could indicate a significant danger, emphasizing that the risk could be originated from the market’s volatility while confessing that primary digital currencies like Bitcoin (BTC) were getting popular.
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Crypto market is volatile so it’s always better to do your own research and wait for the appropriate moment to make the purchase. You can read our guide on the Best Cryptos to Buy in 2022 to know more.
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