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Central Bank of England cautions crypto investors

Central Bank of England cautions crypto investors

The governor of the Central Bank of England, Andrew Bailey, warned crypto investors of the dangers of participating in the market. Speaking at the conference on Thursday, Bailey balked at the notion of cryptocurrencies.

In addition, he stated that crypto assets were a more suitable vocabulary for describing digital currencies. He also emphasized that Crypto has no intrinsic value. Crypto miners named him as “anti-crypto rhetoric”.

Moreover, the governor’s remarks bear a close resemblance to the statements issued by the United Kingdom’s financial conduct authority.

According to the Cointelegraph’s previous report, the FCA warned the British public regarding the risk of incurring huge losses from the Crypto investments bank in January.

Bitcoin dipped below $33,000

When the Crypto market was in the throes of significant correction, Bitcoin got dipped below $33,000. Since then, the entire Crypto market capitalization has grown almost three-fold and is currently holding above $2.3 trillion.

Bailey’s comments

His comments are coming amid a massive spike in the Crypto prices, especially Altcoins and Ether. They have hit a new all-time high. In addition, several other major altcoins such as Polkadot’s, DOT, Chainlink’s link, and XRP also see vertical price actions. According to the Governor, people are putting value into the Crypto because they can have extrinsic value.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.