The Bank of England’s strong warning to those who invest in cryptocurrencies

Bank of England's strong warning to those who invest in cryptocurrencies

In January, the UK Financial Conduct Authority had already warned about the risk of incurring huge losses from investing in crypto assets.

The Bank of England alerted investors to the risks of participating in the cryptocurrency market, with a strong warning: “Buy them only if you are prepared to lose all your money.

Who spoke during a conference was the head of the entity, Andrew Bailey, who also opposed the term “cryptocurrencies“, clarifying that they should be called “crypto-assets”.

Bailey reiterated one of the most widely used arguments against Bitcoin and other digital assets, stating that they lack real value. “I would only emphasize what I have said several times in the last few years, I am afraid they have no intrinsic value” he stated.

“Sorry, I’m going to say this again bluntly: Buy them only if you are prepared to lose all your money,” he concluded.

In January, the UK Financial Conduct Authority had already issued a warning about the risk of incurring huge losses from investing in cryptocurrencies.

Bailey’s comments come amid a massive spike in cryptocurrency prices, especially for altcoins, with Ether (ETH) setting a new all-time high.

The major altcoins have also seen their prices rise sharply and Dogecoin (DOGE), the quintessential “meme coin”, has risen more than 12,700% so far this year.