- Bank of England Deputy Governor Jon Cunliffe sees a possibility for crypto meltdown survivors to become the future technology companies, rivaling Amazon.com Inc (NASDAQ:AMZN) and eBay Inc (NASDAQ: EBAY), Bloomberg reports from a Zurich forum.
- Cunliffe drew parallels between the meltdown wiping more than $1 trillion off the value of Bitcoin and other cryptocurrencies to the dot-com collapse at the start of the millennium.
- The dot-com collapse saw a wipeout of $5 trillion in value and the end of several companies. However, the survivors like Amazon and eBay evolved as the dominant players.
- He emphasized “huge applications and potential within the financial sector” for crypto technology despite the current scenario and expected crypto technology and finance to continue amid odds.
- The BoE was amid the development of plans for its own retail central bank digital currency.
- Regulators continue to weigh entirely disintegrated settlement or regulate the crypto technology’s AI code.
- He explored whether private stablecoins would be more optimized by linking to a central bank ledger or providing the base instead.
- He held the same conviction in a fully automated pilotless plane, or a fully driverless car, questioning the liability in case of a crash due to an algo error.
Cryptocurrencies have been seeing lackluster sentiment ever since they hit highs in early November. After bottoming last Friday amid the omicron variant scare, a recovery has been in the works in the cryptoverse.