Bank of England governor- Cryptocurrency investors should be ready to lose all their money
Bank of England Governor Andrew Bailey on May 7 told that “cryptocurrencies have no extrinsic value and people who invest on them should be ready to lose all their money”.
Bank of England governor says that Cryptocurrency investors should be ready to lose all their money as there is no extrinsic value. This do not mean to invest or stop people to quote a price on Crypto. But they have no extrinsic value, Bailey replied on being inquired about the increasing value of cryptocurrencies at a press conference.
The Governor of Bank of England said that "I'm going to say this very bluntly again. Buy them only if you’re prepared to lose all your money".
The meteoric increase of cryptocurrency in 2021 has once overtaken back the talks of a bubble-like that of 2017. At the time, bitcoin blasted near $20,000 only to drop as low as $3,122 a year later.
Still, supporters of cryptocurrency around have invested hugely since 2017. And the institutional push will only aid legitimate the going worry of cryptocurrencies going forward.
Recently, JPMorgan Chase will let its wealthy clients invest in bitcoin. The keenly managed bitcoin fund could be moved out in the summer (June-August), media reports said.
Pointers on the report:
Previously in February, rumors made rounds that Morgan Stanley's investment arm was measuring if bitcoin was a feasible option for investors.
It came on the fixes of Tesla accepting bitcoin as a style of payment. The electric carmaker also capitalized $1.5 billion in bitcoin. In a proposal to prove cryptocurrency's liquidity as a substitute to cash, Tesla on April 26, sold 10 percent of its bitcoin holdings.
Additionally, the maverick CEO Elon Musk has been a lively proponent of dogecoin on social media. He has single-handedly assisted the parody of cryptocurrency range the $80-billion mark. It makes it more valued than most Indian companies, apart from Reliance Industries, TCS and HDFC Bank.
CBW - External Analyst