CoinDesk reported on September 11, 2014, on a new report about Bitcoin that came from the Bank of England, the central bank that controls the monetary policy of the entire country of England.
This report was the second part of a two-part study done by the Bank of England on Bitcoin and digital currencies in general. In the first part of the study, the Bank determined that Bitcoin was a commodity.
The Bank of England said that, ultimately, Bitcoin was an incredibly innovative technology, but that there was no way that Bitcoin could ever operate on a wide scale. The new study cited old clichés posited by many Bitcoin skeptics in the past; the Bank said that price volatility and the risk of diminished returns for Bitcoin miners contributed to an instability in the digital currency that would prevent it from becoming a primary method of payment.
http://www.coinfinance.com/news/bank-of-england-releases-new-bitcoin-study
