Bitcoin has Failed as a Currency Says Mark Carney

Bank of England Governor Believes the Cryptocurrency has Fundamental Problems

Carney Argues Cryptocurrencies are Unstable, Inefficient, and a Threat to Financial Stability

Bank of England governor Mark Carney, who has previously poured scorn on bitcoin and its crypto peers, has delivered a damning assessment of the cryptocurrency, saying it has failed as a currency.

Speaking at a conference in London, Carney highlighted the shortcomings of cryptocurrencies, including their volatility, inefficiency, and lack of regulation. He also warned that they could pose a threat to financial stability.

"Cryptocurrencies have failed as a currency," Carney said. "They are too volatile, too inefficient, and too risky. They are not a store of value, they are not a medium of exchange, and they are not a unit of account."

Carney's comments come as bitcoin and other cryptocurrencies have been experiencing a sharp sell-off in recent months. Bitcoin has lost more than half of its value since its peak in December 2017.

Carney's assessment of cryptocurrencies is in line with the views of many other central bankers and financial regulators. The US Securities and Exchange Commission (SEC) has warned that cryptocurrencies are a "high-risk investment" and has taken action against several cryptocurrency exchanges.

Despite the recent sell-off, some investors remain bullish on cryptocurrencies. They argue that the technology underlying cryptocurrencies has the potential to revolutionize the financial system.

However, it is clear that cryptocurrencies still have a long way to go before they can be considered a serious alternative to traditional currencies.