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Jon Cunliffe, deputy governor of the Bank of England, has compared the current crypto market crisis to the dot-com catastrophe of the late 1990s and indicated that the survivors might become the "Amazons and eBays" of the future.
"The analogy for me is the dot-com boom when $5 trillion was wiped off values," Cunliffe said Wednesday at the Point Zero Forum in Zurich, according to Bloomberg. "A lot of companies went, but the technology didn't go away."
He noted that a decade later, "Those that survived—the Amazons and the eBays—turned out to be the dominant players."
The Deputy Governor stated that regardless of what happens to cryptocurrencies over the next several months, he anticipates a decline “Continue with crypto technology and finance. It has the potential for enormous efficiency and market structure changes.”
Additionally, Cunliffe explained the Bank of England’s current stance on stablecoins and central bank digital currencies (CBDCs). The Bank of England established a task team in April 2021 to investigate the viability of a CBDC. Cunliffe stated that one of the issues being explored is whether or not to develop an independent CBDC with an “on or off-ramp to fiat” or something “flexible enough” to be utilized in private stablecoins.
“The question is, are you better off having private stablecoins to be more optimized in certain areas, which then link back to a central bank ledger in some way? Or should we provide the base?” Cunliffe said.
The Bank of England said earlier this year that it would oversee the collapse of stablecoins if an issuer “reached systemic scale failure.” It follows the statements of Andrew Bailey, governor of the Bank of England, in June 2021, that stablecoins should be regulated similarly to bank-handled payments.
The world’s largest cryptocurrency has dropped over 70 percent of its value from its November 2017 high of nearly $70,000 and is presently trading at $20,720, according to CoinMarketCap.
The market valuation of all digital assets, which previously neared $3 trillion, has decreased significantly over the past eight months, falling below $1 trillion in early June as a result of the collapse of the Terra ecosystem and a liquidity problem affecting several prominent crypto enterprises.
The fall has sent shockwaves across the crypto sector, causing many businesses to decrease personnel and other expenditures.
The deteriorating business climate has led to a decline in the value of many existing crypto firms.
In November 2021, Coinbase, one of the prominent participants in the cryptocurrency business, had a market valuation of about $90 billion. According to statistics from Companiesmarketcap, the company’s worth has decreased more than fourfold to $13.59 billion.
Cunliffe is the most recent prominent individual to comment on how recent changes in the crypto field may impact crypto enterprises.
Mark Cuban, the billionaire owner of the Dallas Mavericks and investor in many crypto ventures, has joined the conversation, stating that “businesses that were maintained on cheap, easy money, but had viable commercial prospects, would fail.”
