Andrew Bailey, who should head the Bank of England, has issued a new warning to potential bitcoin investors: “Be prepared to lose all your money.”
Bailey previously declared his unfavorable views on bitcoin in December 2017 in an interview with BBC Newsnight. BUying Bitcoin is similar to gambling, he argued, because “[bitcoin] is not a currency “and” a very volatile commodity in terms of price “.
Bailey was Deputy Governor of the Bank of England from April 2013 to July 2016. He was recently appointed Governor of the Bank and will begin his term on March 16, 2020.
“If you want to invest in bitcoin, be prepared to lose your money – that would be my serious warning,” he told the BBC at the time.
In a speech to the British Parliament on Wednesday, Bailey reiterated his previous position.
“There is no guarantee of the value of bitcoin,” he said, according to one Video clip posted on Twitter. “I said this publicly because we were concerned – if you want to buy bitcoin, be prepared to lose all your money. If you want to buy it, okay, but understand that what you have doesn’t have of intrinsic value. It may have extrinsic value, but no intrinsic value. “
“[Bitcoin] didn’t take much, “he added.