fbpx
QQQ
-2.71
348.05
-0.78%
DIA
-5.86
344.51
-1.73%
SPY
-7.07
429.04
-1.68%
TLT
+ 2.69
140.35
+ 1.88%
GLD
-0.87
166.72
-0.52%

Be Prepared To Lose Crypto Investments: Bank Of England Governor

May 6, 2021 2:54 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Be Prepared To Lose Crypto Investments: Bank Of England Governor

Bank of England Governor Andrew Bailey is advising investors to only buy Bitcoin (CRYPTO: BTC) and other crypto assets if they are ready to lose everything.
What Happened: According a Thursday Bloomberg report, Bailey warned investors about crypto assets and said to "buy them only if you’re prepared to lose all your money."

At the same time, he said that the central bank is well-positioned to respond to any threats to financial stability that might arise from crypto assets. He also criticized how those assets are categorized. 

“I’m afraid crypto and currency are two words that don’t go together for me. They have no intrinsic value.”

While Balley may be not convinced that crypto assets have any value, the organization that he leads surely recognized the potential of the technology on which cryptos are based.

According to late April reports, a task force created by the Bank of England and Her Majesty's Treasury is evaluating the creation of a digital version of the pound sterling that many have already dubbed Britcoin.

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Fintech Focus For June 18, 2021

Quote To Start The Day: "A man is but what he knows.” read more

Fintech Focus For June 16, 2021

China's Cryptocurrency Mining Crackdown Intensifies, Spreads To Sichuan

Keeping a tough stance on cryptocurrencies, China has issued an order to crack down on crypto mining operations in Sichuan’s southwest province, Reuters</ read more

EXCLUSIVE: Dogecoin Mania Didn't Prove 'The End Of Crypto,' So They Launched Commercial Toilet Paper-Backer Tetherino, 'The Most Ridiculous Cryptocurrency' Ever

Dogecoin (CRYPTO: DOGE) and other meme coins have been in the spotlight this year as they soared to sky-high levels, but there is a cryptocurrency that wants to take the meme hoopla and ra read more