According to a statement by a  top Bank of England official, Bitcoin and other cryptocurrencies could cause the next financial crash.  Deputy Governor Sir Jon Cunliffe said a massive collapse in the price of cryptocurrencies to as low as zero is 'certainly a plausible scenario' and that there was 'a likelihood of contagion across the global financial sector.

Cunliffe said the hit to individual investors if cryptocurrencies collapse would be unlikely to cause a 'financial stability risk'. He said,  'The picture is less clear for financial institutions.' He compared a possible crypto crash with other financial meltdowns and highlighted that the crypto market is now worth £1.7 trillion, larger than the subprime mortgage market in 2008 when it collapsed. As the financial crisis showed us, you don't have to account for a large proportion of the financial sector to trigger financial stability problems.' Cunliffe said regulation of cryptocurrency 'needs to be pursued as a matter of urgency'. He said 'When something in the financial system is growing very fast, in a largely unregulated space, financial stability authorities have to take notice.'

Notably, The value of the cryptocurrency market has increased by 200 per cent this year.

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