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.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.