LONDON :A collapse in cryptocurrencies is a"plausible scenario" and rules are needed to regulate the fast-growing sector as a"matter of urgency", Bank of England Deputy Governor Jon Cunliffe said on Wednesday.
Largely unregulated cryptoassets have grown by 200per cent so far this year, from just under US$800 billion to US$2.3 trillion, with 95per cent of them, including bitcoin, unbacked by any asset or fiat currency, Cunliffe said. Connections between cryptocurrencies and the traditional financial system are also growing as big investors, hedge funds and banks become more involved, Cunliffe said.
1/ Price volatility is dependent on your time preference. Bitcoin performance since inception in 2008 seems to be going in only one direction
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