Bank of England

Bitcoin could become ‘worthless’, Bank of England warns

The Bank of England has said that bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything.

In a warning over the potential risks for investors, the central bank questioned whether there was any inherent worth in the most prominent digital currency, which has soared in value this year to close to $50,000 (£37,786) a piece.

Bank of England to buy Apple bonds

This means the central bank views the company as making a "material contribution" to the British economy.

The decision will anger the Silicon Valley giant's critics, who accuse it of avoiding tax on UK sales by routing them via Ireland.

The European Commission has attacked Ireland's tax arrangements with Apple.

It said they allowed the iPhone maker to pay almost no tax on international sales, which amounted to illegal state aid.

 

Bond programme