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Bank of England Governor Andrew Bailey issued a stark warning to those investing in cryptocurrencies: “Buy them only if you’re prepared to lose all your money.”‘
In response to a question about financial stability, Bailey said the central bank was well positioned to respond to any threats that might arise. However, he objected to the use of the phrase cryptocurrency and took the opportunity to push back on their growing popularity.
“I’m afraid crypto and currency are two words that don’t go together for me,” he said at a press conference Thursday. “They have no intrinsic value.”
Bailey has long been dismissive of the assets, and his comments follow yet another period of speculative excesses for a market Nouriel Roubini once described as the “mother of all bubbles.”
While in the past, trillions of dollars in stimulus by governments and central banks might have triggered…