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Bank of England Governor Andrew Bailey: Bitcoin is a gamble, be prepared to lose everything if you want to buy it

“If you want to buy Bitcoin, be ready to lose all your money” is the statement of the Bank of England Governor, Andrew Bailey.

Andrew Bailey Bitcoin

Bitcoin is a gamble

In December 2017, in an interview with BBC Newsnight, Andrew Bailey also criticized Bitcoin. He said buying Bitcoin is like gambling because Bitcoin is not a currency, and is a highly volatile commodity in price.

Bailey was the Deputy Governor of the Bank of England from April 2013 to July 2016. He was recently appointed Governor and will begin his term on March 16, 2020.

In Thursday's speech to Parliament of Great Britain and Northern Ireland, Bailey reiterated his views on Bitcoin and echoed the warning he had issued earlier.

"There is no guarantee of value for Bitcoin. I said this publicly because we care. If you want to buy Bitcoin, be prepared to lose money. If you still want to buy it (BTC), well, but note that what you buy has no intrinsic value. "

Cardano was praised

Meanwhile, among other developments, Gunther Dobrauz, the legal director at one of the world's largest audit firms, recently voiced support for Cardano's development (ADA).

In a tweet on March 3, Dobrauz stated that he was a believer in future decentralization. Moreover, he added that Cardano Foundation and IOHK CEO Charles Hoskinson have a huge role to play in this future. IOHK is the blockchain company behind Cardano and Ethereum Classic.

Explaining his statement, Dobrauz quickly confirmed these views were viewed from an individual perspective, not PwC's, but he believed that blockchain technology would be the catalyst for change.


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