BoE Gov. Bailey Says StableCoins Are Not Robust And Do Not Meet Standards Of Safe Money.; Money Held On Deposit In A Failed Bank Above 85,000 Pounds May Not Retain All Its Value
Portfolio Pulse from Happy Mohamed
Bank of England Governor Bailey has criticized stablecoins, stating they are not robust and do not meet the standards of safe money. He also warned that money held on deposit in a failed bank above 85,000 pounds may not retain all its value.
July 10, 2023 | 3:16 pm
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NEGATIVE IMPACT
The criticism of stablecoins by the Bank of England Governor could potentially impact the value of Bitcoin.
Stablecoins are often used as a gateway to buying other cryptocurrencies like Bitcoin. Negative sentiment towards stablecoins could reduce their usage, potentially impacting the demand and price of Bitcoin.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
The criticism of stablecoins by the Bank of England Governor could potentially impact the value of Ethereum.
Stablecoins are often used as a gateway to buying other cryptocurrencies like Ethereum. Negative sentiment towards stablecoins could reduce their usage, potentially impacting the demand and price of Ethereum.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
The Bank of England's warning about deposits in failed banks could potentially impact the value of VGK, an ETF that includes European banks.
The Bank of England's warning about the potential loss of value in deposits held in failed banks could create negative sentiment towards European banks, potentially impacting the value of VGK, an ETF that includes European banks.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60