Mark Carney, Bank of England Chief, says Bitcoin has failed

The Governor of the Bank of England has joined the growing list of financiers who have declared bitcoin to be dead. In a speech delivered yesterday at Regent’s University in London, Mr Carney declared that bitcoin had failed to become a legitimate currency.

It has pretty much failed thus far on… the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.

These comments represent a view that is far from the truth that we can see for ourselves. Today, all over the world, people are transacting using bitcoin for payments in a completely borderless and instant manner. Individuals are able to transact with each other without unfamiliar third-parties being able to stop this from happening, this is the nature of true economic freedom.

To be fair to Mr Carney, he does exist in an environment that feels deeply threatened by the continuing growth of bitcoin in the world. It is often mentioned that Amschel Rothschild declared: “Give me control of a nation’s money supply, and I care not who makes its laws.”

Give me control of a nation’s money supply, and I care not who makes its laws.

Understanding the freedom bitcoin brings to the people of the world brings an understanding of why the bankers fear bitcoin. When the people of the planet are able to trade freely with each other without hindrance, why would we need the bankers?

Not to worry, Mark. You’re not the first to declare bitcoin dead. And you will not be the last. Here’s some entertaining reading for you: Bitcoin Obituaries 2009 from over the years.