- The United Kingdom is at a strange point right now.
- Just as the north-west of England prepares to go into lockdown once more, the Bank of England has become the latest central-bank to talk about the negative interest rates.
The United Kingdom is at a strange point right now. It’s uncertain where the country will go when it comes to lockdown as counties all across the country are being restricted to what they can do with unclear ruling from the Conservative government.
Just as the north-west of England prepares to go into lockdown once more, the Bank of England has become the latest central-bank to talk about the negative interest rates.
With yet another lockdown on the table, these interest rates could go from bad to worse…
One Silver lining of this though is that this could prove to be a good advertisement for bitcoin as the bank uses the idea of charging people to save their money.
As a result of the meetings going on behind-the-scenes, the Bank of England will start discussions with banking regulators in regards to the negative interest rates. As a result of this, it could effectively mean lending institutions meaning savers must pay out of their own pocket to store their own cash. To add things onto the pile, Brexit is still going on in the background.
The arguments that this could all be bullish for bitcoin came from Tyler Winklevoss of the Gemini crypto platform who took to Twitter to say the following:
Wow, the Bank of England discussing negative interest rates. If they adopt this, they would be paying you to borrow. You couldn’t buy a better advertisement for #Bitcoin but u can take their money and go long bitcoin 😂🚀 https://t.co/Bjdos2Ml2l
— Tyler Winklevoss (@tylerwinklevoss) September 17, 2020
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
