Investing in cryptocurrencies is always getting some skepticism from officials who have started in traditional markets. Andrew Bailey expressed this in London today when he said Bitcoin investors should be prepared for a total loss.
Bailey shared his thoughts on the cryptocurrency with members of the British Parliament at a hearing of the Treasury Special Committee on March 4. In a video shared on Twitter, Bailey repeated previous warnings about Bitcoin and cryptocurrencies as a whole before finally declaring:
“If you want to buy Bitcoin, you should be willing to lose all your money … [Bitcoin] has no intrinsic value.”
Bailey wants to grant at least an extrinsic value to Bitcoin. However, he said that “it has not prevailed as much as people predicted”.
Bailey’s opinion is similar to that of billionaire Warren Buffett, who also shared an intrinsic value with Bitcoin, an interview published last month. However, while Buffett rarely speaks to reporters on the subject, Bailey is consistently critical of cryptocurrencies
In a BBC interview in December 2017, in the middle of the Bitcoin boom, Bailey called the digital asset “volatile” and a “strange good”, and also warned against it: