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  • Writer's pictureInvestment Synergy Team

Bank of England's Governor Warns About Crypto Amid Bloodbath

'Be Prepared to Lose All Your Money'

Bank of England (BOE) Governor Andrew Bailey reiterated his concerns about cryptocurrency investing to the British parliament’s Public Accounts Committee Monday.

Responding to a question on how regulators’ duty to protect consumers could clash with the government’s plan to promote financial innovation, he was quoted by Reuters as saying: if you want to invest in these assets, okay, but be prepared to lose all your money.

“People may still want to buy them because they have extrinsic value,” he continued, adding that “people value things for personal reasons.”

The Bank of England chief cautioned: But they don’t have intrinsic value. This morning we have seen another blow-up in a crypto exchange.

Bailey was referring to U.S. crypto lender Celsius abruptly freezing withdrawals. Following a sell-off over the weekend, the crypto market was in a bloodbath Monday.

The governor of the British central bank has warned on several occasions that bitcoin has no intrinsic value.

In May, he also said that BTC is not a practical means of payment.

In April, he claimed that crypto creates an “opportunity for the downright criminal.” Last year, he warned that cryptocurrencies are dangerous.

Meanwhile, the Bank of England said in March that crypto assets present financial stability risks.

Investment Synergy - and the blood letting will no doubt continue....

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