Buy Crypto Only If Prepared to Lose All, Says Bank of England Governor
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Buy Crypto Only If Prepared to Lose All, Says Bank of England Governor

May 7, 2021      Jafrin Ahmed

Bank of England Governor, Andrew Bailey is advising investors to only buy cryptocurrencies if they are prepared to lose all their money. His comments come during a red-hot rally in Dogecoin, a meme-based cryptocurrency, created as a joke in 2013.

What Bank of England Governor Advises the People

Speaking at an online press conference on May 21, Bank of England Governor, Andrew Bailey says he sees no intrinsic value in cryptocurrencies. He warns investors for those falling into the cryptocurrency craze, advising them to invest in cryptocurrencies only if they are prepared to lose all their money:

“I’m sorry, I’m going to say this very bluntly again: buy them only if you’re prepared to lose all your money.”

READ  Trump’s Proposed Tax Cut Could Be A Win For Crypto Industry

Following the central bank’s decision to not raise the interest rate, the low-interest-rate environment has only benefited assets like Bitcoin. Despite this, he still thinks cryptocurrencies such as Bitcoin have no value in their own right, saying:

“I would only emphasize what I’ve said quite a few times in recent years. I’m afraid they have no intrinsic value.”

During a September 2020 speech, Bailey claimed that Bitcoin, the largest cryptocurrency, had no connection to money. Earlier this year, he said cryptocurrencies aren’t suitable for payments.

BoE Preparing to Launch Its CBDC

The Bank of England (BoE) is working on launching its own digital currency, Britcoin, a digital version of the pound sterling. Last month, the central bank, together with HM Treasury, created a joint task force to assess the possibility of launching the digital currency.

READ  Bitcoin's Next Big Move Setting Up Now

If approved and issued, the U.K.’s digital currency would exist alongside cash and bank deposits rather than replacing them.

Crypto advocates argue that Bitcoin can act as a safe store of value and protection against inflation. Others argue that digital assets can become more efficient global payments networks in comparison to the current traditional system of payments.

#Andrew Bailey #Bank of England #Bitcoin #Cryptocurrency
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.