First Mover Asia: DeFi’s Resilience During the Market Slowdown; Bitcoin Slumps Near $20K
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Jon Cunliffe, a deputy governor at the Bank of England, said the technology will outlive current volatility. His comments came little over a week after BOE governor Andrew Bailey reiterated his stance that cryptocurrencies have "no intrinsic value" He said crypto technology's ability to eliminate middlemen in financial trading shouldn't lead to the kind of risk shortfalls that caused the 2008 financial meltdown. The internet economy ultimately overcame the dot-com crash of 2001, he said, just as the internet economy did in 2001. The BOE has said cryptocurrencies have no intrinsic value and have no inherent value. Source