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Bitcoin (BTC) Investors Should Be Prepared to Lose All Their Money, Says New Bank of England Governor

News
Wed, 03/04/2020 - 19:13
Alex Dovbnya
Andrew Bailey, the next governor of the Bank of England, warns investors about the pitfalls of Bitcoin (BTC)
Cover image via www.youtube.com

Andrew Bailey, the incoming governor of the Bank of England, said that Bitcoin has no intrinsic value when he was speaking to lawmakers in parliament on March 4. 

He reiterated his warning that cryptocurrency investors could lose all of their money. 

"If you wanna buy Bitcoin, be prepared to lose all your money. If you wanna buy it — buy it, but understand what's you've got. It has no instrinsic value." 

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Bailey, who spearheaded the Financial Conduct Authority (FCA), cautioned Bitcoin buyers when the leading cryptocurrency was on the verge of reaching its current all-time high of nearly $20,000 in December 2017. 

Back then, he also denied that Bitcoin is a currency, calling it a 'volatile commodity.' Like other critics, he also rang the alarm about the coin's popularity with criminals. 

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Meanwhile, as U.Today reported, the BoE recently joined forces with other central banks to explore the viability of issuing their own digital currencies. 

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.

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