Cryptocurrencies are a market that raises many questions and opinions. There are those who are loyal supporters, and they have already invested in this sector. But, on the other hand, there are also those who do not welcome the growing influence of digital currencies.
To further highlight these differences, the Bank of England president recently warned that cryptocurrency investors should be prepared to lose all of their money.
"Cryptocurrency investors can lose all of their money"
This is a possibility made by Andrew Bailey, President Bank of England (Bank of England). The CEO warns that cryptocurrency investors should be prepared to lose all of their money.
The comments were made during an interview on Thursday, May 6, after being asked about the rise in the value of cryptocurrencies. In response, Bailey argued that:
They have no intrinsic value. This does not mean that people do not ascribe value to them, they may have an external value. But they have no intrinsic value.
I will repeat one more honestly. Only buy them if you are willing to lose all of your money.
Billy is an outspoken cryptocurrency skeptic. In 2017, the incumbent president warned that anyone investing in bitcoins should be prepared to lose all of the money.
We remind you that Bitcoin's value has increased at a rapid pace, and is currently worth nearly 50,000 euros. This growth is mainly due to increased interest from institutional investors and business customers, such as Tesla.
On the other hand, there are those who defend cryptocurrencies, against everything and everyone, and offer their arguments. On the other hand, skeptics argue that cryptocurrencies are a market bubble that is about to burst.
However, despite Bailey’s opinion, the UK is also thinking Create your own digital currency. The idea is that this British cryptocurrency is coexisting with physical money, rather than exchanging it.
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