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Bank of England Governor Says Cryptocurrencies Are "Dangerous" After $1.4 Trillion Crash

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Mon, 05/24/2021 - 17:23
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Alex Dovbnya
Bank of England Governor Andrew Bailey warned that crypto holders could lose all their money on the verge of the big crash
Bank of England Governor Says Cryptocurrencies Are "Dangerous" After $1.4 Trillion Crash
Cover image via www.bankofengland.co.uk
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BoE Governor Andrew Bailey called cryptocurrencies “dangerous” in front of the British parliament's Treasury Committee earlier today:

I'm skeptical about crypto-assets, frankly, because they're dangerous and there's a huge enthusiasm out there.

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Bailey has been vocal about his skepticism toward cryptocurrencies for years. Earlier this month, he said that people should buy them only if they are prepared to lose all their money.

The total cryptocurrency market cap is currently down 40 percent since his warning. Overall, the crypto market had erased over $1.4 trillion in under two weeks before seeing some recovery this Monday.

Last September, Bailey described Bitcoin as “highly risky.”  

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.