Mark Carney is a very smart man, so smart that in 2012 he was made the Governor of the Bank of England and has been doing a good job ever since. He is though, unsurprisingly, stuck in the old ways of dealing with money and is a traditionalist.
There are many people who are dismissive of digital currency and want it to fail, it feels as though Carney is in this category. He is recently quoted as saying “Bitcoin has failed”, which to anyone with knowledge on cryptocurrency will tell you is simply not true.
Sometimes technology comes along that fundamentally changes the way that people think about the way the world works, and the traditional order of things. Carney should know this well, as one of these changes was the introduction of mobile banking which received a lot of distrust when it initially popped into your app store.
People have now learned to trust the service, just as in the future, they will learn to trust digital currency. Whether Carney likes it or not, digital currency is not going away, and will be around long after he retires. Whilst Bitcoin may have come back down to Earth in 2018, it is still thriving as a currency.
Cryptocurrency is here to stay
Even if Bitcoin fails, there will be another digital currency to take its place. The world of cryptocurrency is changing every day, but it will succeed because people no longer want to be slaves to the traditional banks that Carney oversees.
He is a traditionalist, and one of many who don’t want to see change. Change though, is coming, and when digital currency is traded by almost everyone in the future, it will make everyone who made comments such as Carney’s feel very foolish.
The Governor of the Bank of England should be more careful and accepting of a currency that will fundamentally change his industry. These kind of words sooner or later, will come back to haunt him.
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