While countries like India recently released positive judgment towards cryptocurrency, the upcoming governor of Bank of England, Andrew Bailey warned bitcoin investors. He stressed bitcoin investors to be prepared to lose all their money.
The news comes in a video clip in which Andrew expressed his negative sentiments regarding Bitcoin. He said, “there is no guarantee of the value of bitcoin”. Bailey is set to take charge as the Bank’s governor on March 16 this year. Interestingly, Prior to this, he has also served as the deputy governor of the Bank of England. However, what’s more, to dig deeper is that the upcoming governor of England had shared his unfavorable opinion back in 2017 as well.
BREAKING: The Bank of England governor-designate, Andrew Bailey, says those holding bitcoin should "be prepared to lose all of your money" and "bitcoin has not caught on much"
ok banker pic.twitter.com/eu4bolovWf
— FTX App (@ftx_app) March 4, 2020
In his earlier interview with BBC’s Newsnight, Bailey informed the audience that Bitcoin is similar to gambling. In his view, the crowning cryptocurrency is not a currency, he further provided reasoning to his claim, stating that “Bitcoin is a very volatile commodity in terms of it’s pricing”.
Bailey’s new statement notes that bitcoin has no intrinsic value and it hasn’t caught on much. He elaborated it in front of the U.K. Parliament as follows;
“I’ve said publicly because we were concerned about it – if you want to buy bitcoin, be prepared to lose all your money. If you want to buy it, fine, but understand that what you’ve got has no intrinsic value. It might have extrinsic value, but no intrinsic value.”
In contrast to Bailey’s negative attitude about Bitcoin, the outgoing Governor Mark Carney has had somewhat positive views regarding cryptocurrencies. Noticeably, Carney publicly stated that he would allow Facebook Stablecoins to enter the British market bearing the strong regulatory procedures in place.
Despite strong arguments, Bitcoin is surging in its value today. At the time of reporting this, the value of the world’s largest cryptocurrency is up by 4.17 percent within the past 24Hrs, scoring it again to the highs of $9K figure. As per the data provided by coinmarket cap, Bitcoin is trading at $9121 against USD, valuing the market capitalization of $166,498,647,281.