Bailey argued that El Salvador’s decision to adopt Bitcoin as a currency was alarming because consumers are likely to suffer from the cryptocurrency’s extreme volatility.
Trading around $43,000 on the first day of El Salvador’s Bitcoin adoption as legal tender, Bitcoin surged to a new historical high above $68,000 on Nov. 9. BTC’s price has significantly tumbled since then, with Bitcoin trading at $54,626 at the time of writing.
Bitcoin 90-day price chart. Source: CoinGecko
“It concerns me that a country would choose it as its national currency,” Bailey said at the Cambridge University student union appearance, Bloomberg reported on Thursday.