Bitcoin: future boss of the Bank of England warns investors

Credit: Eivind Pedersen – Pixabay

Andrew Bailey warned againstinvestment in the first cryptocurrency of the market. Investors say British central banker's next governor-designate Bitcoin must be "ready to lose all their money".

The current director of the Financial Conduct Authority (FCA) and next executive of Bank of England, Andrew Bailey, recalled that central banks and government did not support Bitcoin and that it was therefore not a safe investment, during an interview with the BBC.

It is not a currency, it is in fact not regulated in its form of Bitcoin. It’s a very volatile product. If you look at what has happened this year, I would warn people. We know relatively little about the bitcoin price. It’s also a strange product, because the supply is fixed. If you want to invest in Bitcoin, be prepared to lose your money, ”he said.

His warning echoes the billionaire's recent remarks Warren Buffet who declared at the end of February that the cryptocurrencies had "basically no value" and "produced nothing".