Incoming BoE Governor Warns Crypto Investors That They May Loose Money

Jyoti  |  Mar 5, 2020

Andrew Bailey, who would soon become the governor of the Bank of England, once again echoed his past warnings on Bitcoin. The former head of the UK’s Financial Conduct Authority (FCA), while addressing the Treasury Select Committee, said that the people investing in digital assets should now be prepared to lose all their money.

It was the second time Bailey gave a negative response to investing in Bitcoin.

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"

Andrew Bailey’s Interview With BBC’s Newsnight

Earlier, in December 2017, during an interview with the BBC, Bailey mentioned that investing funds in Bitcoin is similar to gambling because, neither it is a currency nor a volatile commodity.

Bailey again stated, “If you want to invest in Bitcoin, be prepared to lose your money – that would be my serious warning”.

According to the report, in February 2020, Warren Buffet, a billionaire investor, also had claimed that presently, Bitcoin’s value in the market has been going down. However, there has been a time when Buffett does not share his clear view of cryptocurrency, Bailey has remained very consistent regarding his view.

Bailey Suspicious About Libra

The reports further suggested that the present governor of the Bank of England, Mark Carney, would leave his position during the last week of March. Although, Carney supported Libra, never liked Bitcoin. The report added that Bailey has been a bit suspicious about digital currency project related to Facebook-Libra. Baliey has mentioned that Facebook should make it clear whether the proposed digital currency was being backed by assets or not.

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