LONDON—The Bank of England will look to push higher the price of its digital currency, dubbed "Britcoin,” rather than overtake Bitcoin, according to one person who believes it won’t work.
Nigel Green, CEO and founder of deVere Group, offered that perspective after it was reported the U.K. central bank is planning to launch a direct digital equivalent – Britcoin – to physical money, Business Leader reported.
Green noted the Bank of England is worried over the ongoing rise and influence of Bitcoin and other cryptocurrencies, and is reportedly set to establish its own digital currency. He said if Bank of England and government officials believe Britcoin will supersede Bitcoin, they are mistaken.
Instead, Green said he expects Britcoin will actually push Bitcoin prices higher and the Bank of England’s jump on the crypto bandwagon will further validate the concept of Bitcoin and its inherent values, including being digital, global, borderless, quicker and more cost-effective than traditional money.
By adding further legitimacy to the market, it’s likely that innovation and development will increase, the crypto ecosystem will become even more robust, and the pace of mass adoption will be accelerated, Green suggested.