Bank of England Will Struggle to Buy BTC Before it Hits $1 Million, Says Expert

Crypto analyst and expert Max Keiser revealed that the Bank of England (BoE) will struggle to buy Bitcoin (BTC) before it reaches $1 million per coin.

According to reports, Keiser said that the potential adoption of Bitcoin by the BoE is part of the wider concept that the asset has destroyed central banks.

In addition, he emphasized that BoE is finally considering adopting the largest crypto, a process in different phases, which he compared to the 5 stages of trouble. Adding to this, Keiser thinks that the bank is in the anger phase.

To continue, Keiser notes,

“The bargaining phase will be their central bank digital currency stage, and when that fails comes depression as the price tops £363,000 ($500,000) and then acceptance with the Bank of England scrambling to buy Bitcoin before it tops £727,000 ($1million) per coin.”

Moreover, the crypto expert statement comes after Bank of England deputy governor Sir Jon Cunliffe said that cryptocurrencies pose a rapidly growing threat to the global economy and should be regulated.

Adding to this, Cunliffe also indicated that if strict regulations are not imposed on cryptocurrencies, they can trigger a financial meltdown, citing the volatility of the digital assets as the main reason for banning Bitcoin.

Expanding more, he addressed his concern about the financial crisis, saying that the bank doesn’t have to account for a large proportion of the financial sector to trigger financial stability problems sub-prime that was valued at about $1.2tn in 2008.

Also, Cunliffe admitted that governments must be careful not to exaggerate or classify new approaches as “dangerous” because they are different. But, he stressed that the blockchain technology behind them offers a radical change in financial services.