Andrew Bailey, who is the new governor of the Bank of England has condemned Bitcoin to failure. He believes that cryptocurrency will take a dive that will leave all investors struggling o pick up the pieces. He doesn’t believe that Bitcoin has any value and expects there will be major losses. He is quoted as saying:
“If you wanna buy Bitcoin, be prepared to lose all your money. If you wanna buy it — buy it, but understand what’s you’ve got. It has no intrinsic value.”
It however was worth noting that Bitcoin had reached $20,000 in 2017, so $6,000 plus is nowhere near what it once was. That was the best year for Bitcoin investors and was considered the cap for cryptocurrency.
Bailey was also known for considering cryptocurrency as the money of criminals and called it “volatile commodity” and doesn’t consider it a currency in any way.
He had more to say about BTC as well:
“It’s a very volatile commodity in terms of its pricing… We know relatively little about what informs the price of Bitcoin… It’s an odd commodity as well, as the supply is fixed.”
At this time BTC has seen a drop in the price but it is still above the $6,000 mark which is way higher than it originally started. It does mean however that anyone who has bought recently won’t see a profit on their investment unless they cash out quickly.
What do you think about Andrew Bailey’s comments? You can learn more about this at U.Today