LONDON – Cryptocurrency has “no essential value” and those investing should be prepared to lose all their money, Bank of England Governor Andrew Bailey said.
Photo: Shutterstock / Jiri Hera
“They have no intrinsic value. This does not mean that people should not give value to them, because they may have external values. I will repeat very openly once again – buy them only when you Prepare to lose all your money. ” Bailey told a news conference on Thursday. When asked about the rising value of virtual money, CNBC reports.
Digital currencies such as Bitcoin, Itera and even Dodegcoin are in the “sprint” this year, reminding some investors of the 2017 cryptocurrency bubble when bitcoin “exploded” to sink from $ 20,000 to $ 3,122 a year later. For, U.S. TV station.
Bailey’s comments correspond to similar warnings from the UK’s Financial Conduct Authority (FCA).
The British Financial Services Supervisor announced in January, “Investing in cryptocurrencies or investments and loans related to them, are usually very high risk takers with investors’ funds.”
Prior to taking over as BoE Governor, Belji was the Chief Executive of FCA.
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