Be Prepared to Lose All of Your Bitcoin Investment, Says Incoming Bank of England Governor

News / 05.03.2020

The incoming governor of the Bank of England, Andrew Bailey, has warned people against investing in Bitcoin.

Addressing the members of the UK parliament on March 4, Bailey said that Bitcoin has no intrinsic value. According to him, if you want to invest in Bitcoin, do so, but then be prepared to lose all your funds. He further added that Bitcoin has not caught on much as people had expected.

Bailey will start his duty as the Bank of England governor on March 17, 2020. He is the former head of the Financial Conduct Authority (FCA) of the United Kingdom. He has been a vocal critic of Bitcoin and cryptocurrency for quite some time.

When he was the head of the FCA, he opined that Bitcoin is not a currency, and described it as an odd commodity with a fixed supply. That was when Bitcoin was on the verge of reaching its all-time high of nearly $20,000 in December 2017. Like other critics, he also warned about the coin’s popularity with criminals.

Meanwhile, the outgoing Bank of England governor, Mark Carney, had a different view from Bailey on the cryptocurrency. Carney was open to a CBDC and also spoke in favor of Facebook’s Libra project.

Featured image courtesy of Shutterstock. Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.