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Bank of England Governor Says Bitcoin Investors Could Lose All Their Money

  • Andrew Bailey, Bank of England Governor warned people about Bitcoin
  • Bailey says that investors should be prepared to lose all their money
  • His reasons are that BTC has “no intrinsic value”

Andrew Bailey, a prominent Bitcoin critic since 2017, who is now the Bank of England Governor once again reiterated his views on cryptocurrency in a recent press conference.

Last year, Bailey expressed his doubts about Bitcoin’s intrinsic value. He once again underscored his belief that Bitcoin has “no intrinsic value”.

Back in January, he went on an interview called Resetting Digital Currencies and expressed his doubts on how crypto will last. According to him, “no existing cryptocurrencies will last.”

In the press conference, Bailey warned investors:

I’m going to say this very bluntly again; buy them only if you’re prepared to lose all your money. I’m afraid currency and crypto are two words that don’t go together for me.

Bailey’s comments come just in time as Dogecoin has taken the spot of the top 4 crypto. Meanwhile, the second-largest crypto ETH recently hit new all-time highs.

Many cryptos have been getting attention due to several celebrity stunts. This is often lead by billionaire CEO Elon Musk. The Tesla CEO always publishes controversial tweets on his Twitter account that regularly push the prices of cryptos like Dogecoin.

Despite the attention that crypto is getting now, Bailey is still firm in his opinions on crypto.

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Joseph Joestar

Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.

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