The next governor of Bank of England, Andrew Bailey, warned people against investing in bitcoin and other crypto assets. He said that if you want to invest in bitcoin, then be prepared to lose all your money. Andrew Bailey will assume the role of the governor of Bank of England on 17th March 2020. Andrew is the former head of the UK’s Financial Conduct Authority.
“It has not caught on much, as people predicted it would.”
Andrew Bailey addressing the members of the UK parliament during a Treasury Select Committee hearing, said that bitcoin has not caught on much as people predicted it would. He also said that bitcoin has no intrinsic value. He continued to criticize bitcoin and cryptocurrencies, saying that if you want to invest in bitcoin, then be prepared to lose all your money.
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"
ok banker pic.twitter.com/eu4bolovWf
— Blockfolio (@blockfolio) March 4, 2020
Not the first time Andrew Bailey criticized bitcoin.
The next governor of Bank of England has been a vocal critic of the leading cryptocurrency for quite some time. Earlier, when Andrew Bailey was the head of the Financial Authority Conduct, he opined that bitcoin is not a currency, and described it as an odd commodity with a fixed supply. Bitcoin was named as the most valuable investment of the last decade in terms of growth and return on investment.
The outgoing governor of the Bank of England, Mark Carney, had a different outlook on the cryptocurrency as to Andrew Bailey. Carney was open to a central bank digital currency, and he also spoke in favor of Facebook’s cryptocurrency Libra.
