Cryptocurrencies have “failed” to become stable stores of value within the current global financial landscape, the Bank of England’s research manager John Lewis says.

Supporters of private cryptocurrencies have claimed they are a better store of value than traditional fiat currencies as they cannot be inflated by large supply increases.

“That doesn’t automatically mean its value is stable in terms of ability to buy goods and services,” Lewis writes in the central bank’s blog. Lewis goes on to