Sir Jon Cunliffe’s comments come amid fears of bubble as cryptocurrency’s price passes the $10,000 barrier

Bitcoin is too small to pose a risk to the global economy, according to a senior Bank of England executive, as the cryptocurrency passed the $10,000 barrier for the first time.

Bitcoin has risen tenfold in value so far this year, the largest gain of all asset classes, prompting sceptics to declare it a classic speculative bubble. The digital currency topped $10,800 (£8,060) on Wednesday morning.

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