{"id":12760,"date":"2022-06-15T00:26:49","date_gmt":"2022-06-15T00:26:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bank-of-englands-governor-warns-about-crypto-amid-bloodbath-be-prepared-to-lose-all-your-money-regulation-bitcoin-news\/"},"modified":"2022-06-15T00:26:49","modified_gmt":"2022-06-15T00:26:49","slug":"bank-of-englands-governor-warns-about-crypto-amid-bloodbath-be-prepared-to-lose-all-your-money-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bank-of-englands-governor-warns-about-crypto-amid-bloodbath-be-prepared-to-lose-all-your-money-regulation-bitcoin-news\/","title":{"rendered":"Bank of England’s Governor Warns About Crypto Amid Bloodbath \u2014 ‘Be Prepared to Lose All Your Money’ \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The governor of the Bank of England, Andrew Bailey, has reiterated his warning about cryptocurrency investing after U.S. crypto lender Celsius abruptly froze withdrawals. He stressed that investors should be prepared to lose all their money, emphasizing that crypto has no intrinsic value. <\/strong><\/p>\n

Bank of England\u2019s Governor Warns About Cryptocurrency Following Celsius\u2019 Withdrawal Freeze<\/h2>\n

Bank of England (BOE) Governor Andrew Bailey reiterated his concerns about cryptocurrency investing to the British parliament\u2019s Public Accounts Committee Monday.<\/p>\n

Responding to a question on how regulators\u2019 duty to protect consumers could clash with the government\u2019s plan to promote financial innovation, he was quoted by Reuters as saying:<\/p>\n

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If you want to invest in these assets, okay, but be prepared to lose all your money.<\/p>\n<\/blockquote>\n

\u201cPeople may still want to buy them because they have extrinsic value,\u201d he continued, adding that \u201cpeople value things for personal reasons.\u201d<\/p>\n

The Bank of England chief cautioned:<\/p>\n

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But they don\u2019t have intrinsic value. This morning we have seen another blow-up in a crypto exchange.<\/p>\n<\/blockquote>\n

Bailey was referring to U.S. crypto lender Celsius abruptly freezing withdrawals<\/a>. Following a sell-off over the weekend, the crypto market was in a bloodbath<\/a> Monday.<\/p>\n

The governor of the British central bank has warned on several occasions that bitcoin has no intrinsic value. In May, he also said that BTC<\/a> is not a practical means<\/a> of payment. In April, he claimed<\/a> that crypto creates an \u201copportunity for the downright criminal.\u201d Last year, he warned that cryptocurrencies are dangerous<\/a>.<\/p>\n

Meanwhile, the Bank of England said in March that crypto assets present financial stability risks<\/a>.<\/p>\n

What do you think about the comments by Bank of England Governor Andrew Bailey? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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