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Bitcoin Not Big Enough To Threaten World Economy, Says BoE Deputy

Bitcoin has soared more than 900 per cent so far this year, the largest gain of all asset classes and prompting sceptics to say it is a classic speculative bubble

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Bank of England Deputy Governor Jon Cunliffe said bitcoin, which hit a record high above $10,000 earlier on Wednesday, is not at a size where it would pose a risk to the global economy.

Bitcoin has soared more than 900 per cent so far this year, the largest gain of all asset classes and prompting sceptics to say it is a classic speculative bubble.

"I would just say investors kind of need to do their homework," Cunliffe told BBC radio.

He said he did not think British households as a whole were going on a "debt-fuelled binge" but added that fast rates of consumer credit growth needed to be watched.

(Reuters)


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