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Bank of England director warns about Bitcoin


The recently appointed director of the Bank of England, Andrew Bailey, recently issued statements about Bitcoin. In them, he warned those who had the cryptocurrency that they could lose all their money.

During the history of digital currencies, banks, in space the Central Banks, have been quite suspicious of them. In fact, these entities were the ones that most warned their users about the danger of using cryptocurrencies or their relationships with crime.

In the crypto community, it was argued that the reason for this was that currencies such as Bitcoin, made the existence of banks lose meaning. Therefore, feeling threatened, these financial institutions ended up attacking cryptocurrencies.

Today, the position of some banks has become more flexible. Even some of them began to open sections dedicated to the research of digital currencies and Blockchain technology. The reason for this is that, realizing that they could not go against innovation, they decided to try to adapt to be part of it. This also extends to some governments, which have initiated investigations for their Central Banks issuing national digital currencies.

However, there are still entities that oppose cryptocurrencies, especially the most famous of all: Bitcoin. Such is the case of Andrew Bailey, director of the Bank of England.

Bailey: Those with Bitcoin, prepare to lose everything

On March 4, Bailey had to appear before the members of the Treasury Committee in the United Kingdom Parliament and answer their questions. This was done since parliamentarians wanted to make sure that Bailey was prepared for the position of director of the most important financial institution in the country.

During his speech, Bailey did not hide his rejection of digital currencies. Especially towards Bitcoin. He even argued that those who owned BTC should be prepared to lose all their money, since there was no guarantee of the value of the digital currency.

“I said it publicly because we were worried about that. If you want to buy bitcoins, be prepared to lose all your money. If you want to buy it, it’s fine, but understand that what you have has no intrinsic value. It may have extrinsic value, but it has no intrinsic value. (Bitcoin) hasn’t captured much. ”

The statement can be found in a Twitter account post Block portfolio.

Already in previous interviews, Bailey had assured that BTC was similar to gambling, since Bitcoin was not a currency but “a very volatile commodity in terms of price.”

Despite opinions like this, Bitcoin continues to prove that it is not an asset as bad as some describe it. In fact, a Bank of America study listed it as the best performing asset of the decade. In addition to that, more and more people join the crypto revolution, due to the good results it has presented.

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