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Andrew Bailey: "when investing in bitcoin, be prepared to lose everything»

Andrew Bailey: “when investing in bitcoin, be prepared to lose everything»

The future head of the Bank of England, Andrew Bailey, who will take office on March 16, warned the public that when investing in bitcoin, you can lose all your money.

“There is no guarantee of the value of bitcoin. I say this publicly because I worry about it. If you are going to buy bitcoins, then be prepared to lose all your money. If you want to buy-no problem, but understand that the purchase has no intrinsic value. It may have an external value, but not an internal one, ” he said.

Note that Bailey is not the first time negatively expressed in relation to the first cryptocurrency. Back in 2017, he spoke out against bitcoin in an interview on the BBC TV channel. Then he said that buying the first cryptocurrency is akin to gambling, since ” bitcoin is not a currency, but too volatile a commodity.”

Bailey previously served as Deputy Governor of the Bank of England and then as Executive Director of the financial supervision Authority. In this position, he also joined the group for the study of crypto assets.