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With several MPs interested in crypto, will Bank of England give in to Bitcoin

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Contrary to recent crypto warnings by the Bank of England (BoE), reports claim that a growing number of UK parliamentarians are now invested in the asset class.

MP Marcus Fysh had revealed his holdings in Ethereum and Cardano earlier this year. Also, former Downing Street Chief of Staff Dominic Cummings has been a voice for blockchain while MP Philip Davies is a crypto ally. Apart from that, according to recent reports, another name with a Bitcoin wallet is MP Steve Baker.

BoE, not so long ago, had raised alarms around “financial stability” and the requirement for regulations in the crypto sector. The absence of which, it warned, can trigger an economic crisis equivalent to the one seen in 2008.

What recently made news also includes the decision of former Chancellor Philip Hammond to quit politics. A decision that soon followed him joining Copper, a UK-based crypto startup dealing with custody and trading. What is particularly interesting is Copper is reportedly still awaiting the regulator’s approval in the country.

Also, MP Grant Shapps, who is also the current Secretary of State for Transport, served a role in a cryptocurrency firm until 2018. Previously, crypto start-up IronX had also appointed MP Stephen Hammond to its advisory board a few years back.

Will BoE admit defeat?

With that, industry expert Max Keiser believes that even BoE will soon end up buying Bitcoin. In context of the Bank of England’s warning, he stated that the central bank is in the second stage of grief and anger. He said,

“The bargaining phase will be their central bank digital currency stage and when that fails comes depression as the price tops £363,000 ($500,000) and then acceptance with the Bank of England scrambling to buy Bitcoin before it tops £727,000 ($1million) per coin.”

Keiser essentially meant that BoE will eventually give in to Bitcoin as it is “designed to trigger a meltdown of the current fiat money banking system.”

At press time, Bitcoin is up around 44% and hovering above the $61,000 level. These levels have been achieved for the first time after around five months.

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Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios