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Bank of England: Deputy Governor Warns That Crypto Prices Could Drop to Zero

Bank of England Deputy Governor Warns Crypto Prices Could Fall to Zero

The Bank of England’s deputy Governor for Financial Stability, Sir Jon Cunliffe has warned that cryptocurrencies could drop to zero. Noting that the crypto industry is “growing very fast,” he stressed: “We really need to roll our sleeves up and get on with it, so that by the time this becomes a much bigger issue, we’ve actually got the regulatory framework to contain the risks.”

Bank of England’s Deputy governor warns crypto prices could tank to zero

Sir Jon Cunliffe is the Bank of England’s deputy Governor for Financial Stability and warned that cryptocurrencies could become worthless on Tuesday’s BBC Today.

Cunliffe started by acknowledging that cryptocurrencies are “growing very quickly” and have become mainstream. He stated that cryptocurrencies could be a threat to the existing financial system at such a rapid growth rate even though 0.1% of U.K. households are currently invested in them. Approximately 2.3 million people in the U.K. are estimated to hold cryptocurrencies, each holding an average amount of about 300 British pounds ($397).

A Bank of England executive stated that financial professionals such as fund managers want to know if cryptocurrencies should be included in their portfolios.

The deputy governor cautioned that a sharp fall in cryptocurrency’s value could cause a ripple effect. He stressed that the Bank of England must be prepared to manage those risks. He stressed:

Their price can vary quite considerably and they could theoretically or practically drop to zero.

” The point at which one worries, I believe, is when it integrates into the financial system — where a large price correction could actually affect other markets, and affect established financial market participants,” Cunliffe stated.

This warning by the Bank of England deputy Governor is not new. In October, Cunliffe said that crypto could collapse, urging regulators to act fast to establish a regulatory framework for them.

” It’s not there yet but it takes time and regulations to design standards and laws,” he added to the BBC. “We need to get our hands dirty and do what we can to make sure that this doesn’t become a bigger problem. .”

Cunliffe previously warned that cryptocurrencies could pose risks to financial stability. In July, he said that cryptos were not big enough to pose a financial stability risk. However, in November, he said that they are getting closer to becoming a threat.

The Bank of England declared

in its Financial Stability Report, published Monday.

Cryptoassets currently pose limited direct risks to UK financial stability. They could pose a risk to financial stability if they grow at the current rate and become more interconnected with other financial systems.

What do you think about Sir Jon Cunliffe’s comments about bitcoin and crypto? Comment below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Introducing iFX EXPO Dubai 2025 – MENA’s No.1 B2B & B2C online trading event

Be part of the ultimate gathering of industry professionals in Dubai Mark your calendars! MENA’s most popular online trading event – iFX EXPO Dubai 2025 – returns to the region, with the latest instalment promising to be the biggest and best one yet. Taking place between January 14-16, 2025, at the Dubai World Trade Centre,…


Be part of the ultimate gathering of industry professionals in Dubai

Mark your calendars! MENA’s most popular online trading event – iFX EXPO Dubai 2025 – returns to the region, with the latest instalment promising to be the biggest and best one yet.

Taking place between January 14-16, 2025, at the Dubai World Trade Centre, the 2+ day exhibition is one of the largest B2B and B2C expos of its kind anywhere in the world, bringing together key players from across the globe. 

Whether you are a seasoned trader, new to the industry, or a business looking to grow your presence in MENA, iFX EXPO Dubai 2025 is set to be an unmissable event, with 7k+ professionals from 120+ countries set to be in attendance.

Building on the huge success of last year’s event, passholders will be able to access 13+ hours of insightful content across three stages, Speaker Hall, Idea Hub, and Traders Arena, featuring a stellar lineup of influential experts and visionary thinkers.

A must-attend event for traders 

iFX EXPO Dubai 2025 has cemented its reputation as a global meeting point for the online trading community, offering traders the chance to experience unparalleled networking opportunities and cutting-edge industry insights. 

It is a gateway to learning and growth, with all areas of the venue providing fantastic learning opportunities. The main expo floor will serve as the primary marketplace where traders can network with top brokers, access industry leaders, and explore the latest trading platforms and state-of-the-art technologies.

As well as the insightful speaker sessions, Q&As, and panel discussions featured at the Speaker Hall and Idea Hub, traders will be able to head to the Traders Zone, comprising the exclusive Traders Lounge and Traders Arena. 

The Traders Lounge serves as an important hub for collaboration, where traders from around the world can exchange insights, build relationships, and keep updated with the latest industry trends in a more informal setting. 

Meanwhile, the Traders Arena provides a dynamic stage for trading education and community building, offering an ideal environment for traders to learn, share, and grow within the world of online trading.

Business sponsorship and exhibitor opportunities

iFX EXPO Dubai 2025 presents FX and fintech firms with a unique opportunity to showcase their business to a target audience of thousands of attendees from across the industry, including brokers, traders, affiliates and IBs, liquidity providers, fintechs, prop firms, institutional investors, and more.

From start-ups to established companies, the event offers the ideal platform to promote their offerings and put their brand on the map through a range of exclusive sponsorship and exhibitor packages.

By becoming an official sponsor or exhibiting at a booth, companies can not only boost their visibility but also unlock greater opportunities to form strategic partnerships, generate leads, and drive business growth.

Due to high demand, there are limited booths and sponsorship slots available, meaning interested parties are encouraged to get in touch with the event organisers quickly to avoid disappointment.

For more information about how to sponsor or exhibit as a business, click here

Counting down to Dubai 

The excitement is already building, with January fast approaching. iFX EXPO Dubai 2025 is gearing up to be the biggest online trading event of the year in MENA, offering unmatched opportunities for traders and businesses alike. 

Early bird registration is now open, so don’t miss the chance to secure a spot at the event everyone will be talking about. To guarantee attendance at iFX EXPO Dubai 2025, click here.


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Uniswap unveils own layer-2 network Unichain, UNI price soars 11%

Uniswap has launched its layer-2 network called Unichain The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs, and boost liquidity UNI token’s price surged to $8.14, its highest level in over two months Uniswap, a leading decentralized exchange platform, has announced a major development for its network and…


  • Uniswap has launched its layer-2 network called Unichain
  • The OP Stack-powered L2 is in testnet and is designed to improve transaction speed, lower costs, and boost liquidity
  • UNI token’s price surged to $8.14, its highest level in over two months

Uniswap, a leading decentralized exchange platform, has announced a major development for its network and ecosystem.

The news helped Uniswap’s native token UNI to soar double digits on Thursday.

On October 10, the Uniswap team revealed that the DEX platform was looking to launch its layer-2 network on Ethereum. The L2, dubbed Unichain, is earmarked for decentralized finance (DeFi).

Per the Uniswap Labs announcement, its a solution to transaction speed and costs for the exchange’s users. Also key to the launch is the question of liquidity.

Introducing @unichain — a new L2 designed for DeFi ✨

Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network

Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio

— Uniswap Labs 🦄 (@Uniswap) October 10, 2024

Unichain is powered by Optimism’s OP stack and offers one-second block times. Sub-block times of 200-250 milliseconds is also part of the development.

Uniswap Labs wrote on X:

“This type of speed isn’t just great for UX, it also improves market efficiency and lowers value lost to MEV.”

Uniswap has partnered with OP Labs for native interoperability, with this enabling implementation of cross-chain messaging and cross-chain liquidity. The platforms plan to bolster the ecosystem’s connectivity with cross-chain swapping across the Uniswap interface and wallet.

According to details in today’s announcement, the Unichain testnet is live, while the mainnet will go live later in Q4, 2024.

UNI price soars 11%

Native Uniswap DEX token UNI is among the top gainers in the crypto market. This follows a price explosion for the cryptocurrency after the news emerged.

With most altcoins down on the day or struggling for upside, UNI spiked more than 11% to hit highs last seen in July 2024. The token’s surge to the multi-month high of $8.14 saw Uniswap rank as the top performing coin among top 100 coins by market cap.

UNI traded around $8.05 at the time of writing, still up by more than 9%.


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Fundstrat’s Tom Lee Predicts Bitcoin Bull Market Surge Due to Supply Shock

Tom Lee, CIO of Fundstrat Capital, a financial research firm, has predicted that the bitcoin bull market will continue in December and announced that the first cryptocurrency will reach “well over $100,000” by year-end. Tom Lee Forecasts Bitcoin Reaching $100,000 By Year’s End in All-Asset-Encompassing Bull Market The bull market predictions for bitcoin prices keep [……
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