Breaking News
Close
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Carney’s Dollar Question Has an Obvious Answer to Bitcoin Fans

CryptocurrencyAug 27, 2019 15:12
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Carney’s Dollar Question Has an Obvious Answer to Bitcoin Fans

(Bloomberg) -- Bank of England Governor Mark Carney’s radical pitch to put a digital currency at the heart of the global monetary system instead of the dollar may still be behind the curve.

The politically incorrect answer to his question is already out there, says Richard Galvin, a former investment banker at JPMorgan Chase & Co. who made the leap into cryptocurrencies.

“Bitcoin largely fits the description of what he is looking for -- something ‘removed’ from country borders and independent of country-specific interest rate policies,” said Galvin, chief executive officer of Digital Asset Capital Management in Sydney.

Speaking at the U.S. Federal Reserve’s annual symposium in Jackson Hole, Wyoming, on Friday, Carney suggested there may be a solution in new technology that hasn’t been tested. Facebook Inc (NASDAQ:FB).’s Libra is planned to be a worldwide digital currency that could lie outside the direct control of central banks, but so far most policy makers have been skeptical. Carney, who leaves the BOE next year, said the new currency he has in mind would be overseen by public authorities.

Bitcoin, the most-traded virtual currency, has declined 2% since Friday, trading at $10,116 as of 6:22 a.m. in New York, according to consolidated Bloomberg pricing.

“Blockchain-based digital tokens like Bitcoin can provide the technology backbone for an alternative global reserve currency that can work outside the influence of individual sovereigns,” said Amit Kaushik, a former Millennium Management quant who is now chief investment officer of quantitative investment firm SciFeCap LLC. “It is important to note that Bitcoin is already seen as a global currency by a good number of people.”

Carney’s Dollar Question Has an Obvious Answer to Bitcoin Fans
 

Related Articles

Here's How Ethereum Bulls Can Win Back Control
Here's How Ethereum Bulls Can Win Back Control By Benzinga - May 26, 2022

Ethereum (CRYPTO: ETH) plunged over 10% lower at 4 a.m. and 9 a.m. on Thursday morning before bulls came in and bought the dip near the dip just above the $1,700 level. The slide...

Funding For African blockchain start-ups grows 1000%
Funding For African blockchain start-ups grows 1000% By Benzinga - May 26, 2022

Whilst Bitcoin (CRYPTO: BTC) continues to consolidate sideways, adoption in Africa continues to surge. A new report reveals venture funding for African cryptocurrency start-ups...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
WheelDood Verner
WheelDood Verner Aug 27, 2019 15:34
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Xrp is another
Tones Two
Tones Two Aug 27, 2019 15:34
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Might as well list every one of the 1000's of digital ponzi schemes out there.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Our Apps
DOWNLOAD APPApp store
Investing.com
© 2007-2022 Fusion Media Limited. All Rights Reserved.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
  • Sign up for FREE and get:
  • Real-Time Alerts
  • Advanced Portfolio Features
  • Personalized Charts
  • Fully-Synced App
Continue with Google
or
Sign up with Email