Bank of England Governor (BOE), Andrew Bailey has described cryptocurrencies as “Dangerous” but admits that there is huge excitement from the populace about it.
Mr Andrew expressedhis concerns in front of the British parliament’s Treasury Committee today.
I’m skeptical about crypto-assets, frankly, because they’re dangerous and there’s a huge enthusiasm out there.
The BOE boss vehemently warned investors against crypto at the beginning of this month; telling them to buy the digital currency only if they are willing to lose all their money.
A little dive into the archives shows that Mr Andrew Bailey used the term “highly risky” when describing Bitcoin in September last year.
His concerns are somewhat valid to an extent.
The world’s crypto market cap lost over $1.4 trillion in 14 days after his warnings earlier this month.