Cryptocurrency trading has put the world at risk of a global financial crisis, said Jon Cunliffe, Deputy Governor of the Bank of England. The representative of the British regulator predicted the formation of a bubble for the world economy, similar to the one that formed in the American market during the mortgage crisis.

Cunliffe substantiated his opinion by comparing the growth rate of the cryptoasset market with the increase in the subprime mortgage market in 2008. Digital money market capitalization has grown from $16 billion in 2016 to $2.3 trillion today. The US mortgage market expanded at a similar pace – in one year it increased by $1.2 trillion.