Andrew Bailey never mentioned the value of cryptocurrency over conventional banking and money. Case in point, I have $150,000 stuck in a wire transaction that was supposed to be next day. Now because of an error it is stuck in nowhere land for at least 10 business days. Also the $45 I spent to do the wire may not be recoverable. That is conventional banking for you. Banks are going to put themselves out of business just because they are really bad at it. Government backing or not...

Think about this... If banks didn't take such a significant cut being the middle man for money transactions, and if they could have spent all these years to figure out how to properly handle money, maybe Bitcoin and Altcoins would have never had a chance to compete.