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Bank of England governor warns bitcoin investors: ‘be prepared to lose all money’

Image by The Telegraph from YouTube

Mon, 16 Mar 2020, 14:09 pm UTC

Andrew Bailey, the Bank of England governor, warns those who invest in bitcoin (BTC) to be prepared to lose all their money.

Bitcoin’s value has significantly reduced in the past weeks. In fact, in just a week, it lost almost 50% of its value and it could fall even further, said Billy Bambrough of Forbes.

Ahead of bitcoin’s massive sell-off, Bailey issued a warning, joining the government officials and regulators who are against the crypto coin.

“There’s no guarantee of the value of bitcoin,” Bailey said on the U.K.’s Treasury select committee.

“I've said publicly because we were concerned about it—if you want to buy bitcoin, be prepared to lose all your money. If you want to buy it, fine, but understand that what you've got has no intrinsic value. It might have extrinsic value, but no intrinsic value.”

Bailey has always been against bitcoin and other cryptocurrencies. In 2017, he said that “bitcoin is not a currency” and added that it is a “very volatile commodity in terms of its pricing.”

Berkshire Hathaway CEO and Chairman Warren Buffett shared the same idea. According to hem in an interview with CNBC’s Becky Quick, cryptocurrencies have no value.

“Cryptocurrencies basically have no value and they don’t produce anything,” he said. “In terms of value: zero. I don’t have any cryptocurrency and I never will.”

In 2019, Buffett also likened bitcoin into a gambling device and did not consider it a good investment. He also likened it to a button in his jacket saying that he could offer it for $1,000 and get its price up to $2,000 by the end of the day, but at the end of the day, it only has one user.

“It’s a gambling device…there’s been a lot of frauds connected with it. There’s been disappearances, so there’s a lot lost on it. Bitcoin hasn’t produced anything,” Buffett said.

“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me.” http://tokenpost.com/CEO-Warren-Buffett-reaffirms-aversion-towards-cryptocurrencies-says-they-have-no-value-5213.

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