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Deputy Bank ManagerEngland (BE) believes that the current bearish trend in the crypto market is similar to the dot-com crisis at the turn of the 90s and 2000s. Future industry giants are formed here.
Jon Cunliffe, at the Point Zero forum in Zurich, suggested that crypto companies that survived the crisis could turn into the Amazon and eBay of tomorrow.
“The analogy for me is the dot-com boom,when $5 trillion was wiped out of the economy. Many companies left the market, but Internet technologies did not disappear then. Ten years later, those who survived, including Amazon and eBay, have emerged as the dominant players in the market,” the official said.
The Deputy Chairman of the Central Bank of England is confident:Regardless of what happens to cryptocurrencies in the coming months, “cryptotech and finance will continue to exist, and this could lead to huge efficiencies and changes in market structure.” The working group to study the potential of a digital currency at the Bank of England right now, according to Cunliffe, is looking for an answer to the question: create an independent digital currency of the Central Bank “with or without a transition to fiat”? Should it be similar to stablecoins and how much?
</p>The UK authorities, in parallel withBy tightening regulation of cryptocurrencies, they intend to turn London into a place of attraction for crypto investors. Last week, the head of the kingdom's Ministry of Technology and Digital Economy confirmed the government's intention to turn the country into an international cryptocurrency hub. Bank of England Governor Andrew Bailey suggests that potential investors refrain from purchasing cryptocurrency assets as they have no intrinsic value.
