Coinspeaker
Bitcoin Remains Largely Speculative Asset than Global Currency, Says BoE’s Andrew Bailey
The current impasse between the fiat market and the crypto assets industry has undeniably put most central banks, including the Bank of England (BoE), in an alert mode. Over the years, experts have argued how internet money will prove problematic to tax collection. Furthermore, most Bitcoin holders are long-term, and there are few mechanisms to tax unrealized profits in the industry. Additionally, the ability to self-custody in the cryptocurrency market has significantly reduced the need for traditional banks, especially with the emergence of the neo-banking sector.
As a result, the antagonism between the traditional banking sector and the cryptocurrency industry is evidently ongoing, particularly during the cryptocurrency winter. Nonetheless, traditional investment fund managers, led by the largest hedge fund with nearly $10 trillion in AUM, BlackRock Inc (NYSE: BLK) have increased t
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