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Bitcoin Could Cause Another Financial Crisis, BOE Official Warns

Another day, another government official warning that Bitcoin and other cryptocurrencies could cause big, big problems. In a speech Wednesday, a senior member of the U.K. central bank likened the rapid growth of crypto assets to the subprime mortgage-backed security market before its meltdown in 2008, which was the catalyst for the 2008-09 financial crisis. Jon Cunliffe, a deputy governor of the Bank of England in charge of financial stability, said that crypto technologies offer the prospect of “radical improvements” in finance, but that their current applications are now a financial stability concern.