BREAKING NEWS

14.August 2022

Bank of England’s Governor Warns About Crypto Amid Bloodbath — ‘Be Prepared to Lose All Your Money’

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The governor of the Bank of England, Andrew Bailey, has reiterated his warning about cryptocurrency investing after U.S. crypto lender Celsius abruptly froze withdrawals. He stressed that investors should be prepared to lose all their money, emphasizing that crypto has no intrinsic value.

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.

What do you think about the comments by Bank of England Governor Andrew Bailey? Let us know in the comments section below.

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