"You should be prepared to lose all your money.”
“They have no intrinsic value,” he added.
“That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value…I’m going to say this very bluntly again. Buy them only if you’re prepared to lose all your money. I’m afraid currency and crypto are two words that don’t go together for me.”
“They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value,” Bailey said.
“I’m going to say this very bluntly again,” “buy them only if you’re prepared to lose all your money.”
This was the words of the Governor of the Bank of England to all cryptocurrency investors in a press conference, where he was asked about what he thought is the future for cryptocurrency.
On Thursday, the governor of the Bank of England, Andrew Bailey, at a press conference said all cryptocurrency investors and trades of any digital currency should be "prepared to lose all your money.”
Bailey has been known to be crypto skeptic for a while, but this Thursday he made it more clearer in his statement
“I’m going to say this very bluntly again,” he continued, “buy them only if you’re prepared to lose all your money.”
Although this might sound really harsh, but he also gave his reasons for saying so.
“They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value,”
His views are also support by comments made by Michael Hartnett, chief investment strategist at Bank of America Securities, who said.
bitcoin's rally looks like the "mother of all bubbles, waiting to explode"
As crypto trader, we hope all this prediction doesn't come true but on a second thought considering all facts, do you think crypto is here to stay, or just as Hartnett said, "it's only going to be here for a while", let me know your thoughts about this in the comment section below.
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