Andrew Bailey, Bank of England governor-designate: If you want to buy Bitcoin, be prepared to lose all your money

If you want to buy Bitcoin, be prepared to lose all your money. That was the statement of the Bank of England governor, Andrew Bailey.

If you want to buy bitcoin, be prepared to lose all your money

Bank of England Andrew Bailey gave another warning to Bitcoin investors that they “be prepared to lose money.”

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 it is “a commodity that is very volatile in terms of price.”

Bailey was deputy governor of the Bank of England from April 2013 to July 2016. Recently, he was appointed governor of the Bank 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 repeated the warning he had given before.

Bailey said in a video clip published on Twitter:

“There is no guarantee of value for Bitcoin. I have said this publicly because we are concerned. If you want to buy Bitcoin, be prepared that you will lose money. If you still want to buy it [BTC], that’s fine, but be aware that what you buy has no intrinsic value. It may have external validity but no intrinsic value.”

Bitcoin was disparaged, but Cardano was praised

Meanwhile, in other happenings, Gunther Dobrauz, chief legal officer 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 the twin development around IOHK CEO and co-founder Charles Hoskinson have a massive role in this future. IOHK is the blockchain company behind Cardano and Ethereum Classic.

Dobrauz also showed a picture taken with Hoskinson, he explained, which was taken when Hoskinson visited PwC headquarters in London.

andrew-bailey-bank-of-england-governor-designate-if-you-want-to-buy-bitcoin-be-prepared-to-lose-all-your-money

Image result for Guenther Dobrauz and Charles Hoskinson

Explaining his statements, 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.

He added:

“I have been following the development of the Cardano project and the Cardano ecosystem from the beginning. I believe that they are doing a great job, and I am taking every opportunity to exchange and learn from them. Of course, there are still many projects out there with potential and value not inferior to Cardano.”

These are not the first moves on the relationship between PwC and Cardano. PwC has shown interest in Blockchain and cryptocurrencies many times in the past. For example, in mid-January, the auditor allowed the ChainSecurance smart contract audit team to join its company. PwC said at the time; they hoped that with the ChainSecurity team, the company would become the world leader in the field of smart contract auditing.

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