Andrew Bailey’s view about the leading digital asset Bitcoin has not changed yet and still remains negative. Once again depicting his negative view of Bitcoin, the new Governor of the Bank of England has warned investors and has publically claimed that Bitcoin is a bad investment.
Andrew Bailey will formally start acting as the Governor of the Bank of England from 16th March onward.
BTC investors “Be prepared to lose all your money”
Andrew Bailey thinks that whoever would invest in the leading digital asset is surely going to lose money. Where Bailey has called Bitcoin as a bad investment, he also has publically warned Bitcoin investors.
Bailey claimed that those who are holding Bitcoins should be prepared to lose all of their money. UK’s new Bank Chief believes “Bitcoin has not caught on much” and this is his point of disagreement with the leading digital asset. Andrew Bailey has introduced the community with a new word “OK Banker”
BREAKING: The Bank of England governor-designate, Andrew Bailey, says those holding bitcoin should "be prepared to lose all of your money" and "bitcoin has not caught on much"
ok banker pic.twitter.com/eu4bolovWf
— FTX App (@ftx_app) March 4, 2020
However, a Twitter user mentions the data from Statista. He says, according to Statista, we have seen an increase of 499% in cryptocurrency users in just over 4 years. He points out:
Also read:“since 2016, cryptocurrency users have increased from 8.95 Million users to 44.69 million users. That’s a 499% increase in just over 4 years. And we are to suggest this banker is good with numbers? #OKBanker”
Bitcoin does not have intrinsic value
On Wednesday, speaking in a UK parliament selection committee hearing, the new Governor of the Bank of England said that the leading digital asset does not have intrinsic value.
While addressing the Bitcoin investors, Andrew Bailey stated that the value of the Bitcoin does not have any guarantee therefore while buying bitcoin, you must be aware of it. As he states:
“If you want to buy Bitcoin, be prepared to lose all your money […] But understand what you’ve got, it has no intrinsic value.”
Nevertheless, the new Bank Chief at least agrees on one point with Bitcoin that it has extrinsic value. It means that the value of Bitcoin is derived from other factors.
This is not the first time that Andrew Bailey has warned Bitcoin investors. He also gave a similar warning statement in the year 2017 while speaking to BBC Newsnight and stated, “If you want to invest in Bitcoin, be prepared to lose all your money.”
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