“Revealing just how worried they are about the ongoing epic rise and influence of Bitcoin and other cryptocurrencies, the Bank of England is reportedly set to establish its own digital currency which they have previously routinely dismissed,” he said.
“If the Bank and government officials believe Britcoin will supersede Bitcoin, they are mistaken. In fact, it will have the opposite effect.”
Green cited 3 big reasons why the birth of such a ‘national digital currency’ would actually drive up the price of Bitcoin.
Validating the existence of cryptocurrencies
Green reckons a rival central bank cryptocurrency would ironically act as a massive endorsement for the existing players.
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