During a recent event hosted by The Wall Street Journal, Bank of England Jon Cunliffe opined that retail investors do not actually understand cryptocurrencies.
He added that cryptocurrency buyers could end up losing all their money since digital assets are highly speculative.
The oft-repeated warning is highly relevant in the wake of the collapse of the Terra protocol. Its native LUNA token plunged to zero in days, impoverishing its investors.
Alex DovbnyaHe added that cryptocurrencies are not actually viewed as a financial investment by retail investors.
The BoE official has added that cryptocurrencies should be treated as risky securities.
The total cryptocurrency market capitalization currently stands at $1.29 billion.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Arman Shirinyan
Dan Burgin
Vladislav Sopov