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.