Bitcoin hodlers could not ask for more, says Tone Vays as the UK central bank looks for protection against Brexit and coronavirus fallout.
Bitcoin (BTC) is getting its best “advertisement” once more as another major central bank floats the idea of charging people to save their money.
As Bloomberg reported quoting minutes of a meeting held Thursday, the Bank of England (BoE) has become the latest central bank to discuss negative interest rates.
Negative rates “would drive BTC adoption”
According to the results of the meeting, the BoE will enter discussions with banking regulators over negative rates, which effectively mean lending institutions, and, hence, savers must pay to store cash.
The reason is the impact of the coronavirus lockdown on the economy, along with the looming prospect of Brexit, deal or no deal.
“The bank is leaving all options on the table, due to elevated uncertainty,” one analyst told the publication in light of the news.
The pound slid against major currencies Thursday, as policymakers further confirmed that they had voted to keep interest rates at 0.1% for the time being.
Bank of England balance sheet chart (GBP).