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A stern warning by the incoming governor of the Bank of England, Andrew Bailey, has been issued against investing in Bitcoin.
In a 4th March 2020 Address to the UK’s members of parliament, Bailey said that Bitcoin lacks any intrinsic value. Anyone investing in Bitcoin must thus be prepared to lose all their funds. He chipped at the failure of Bitcoin to live up to its expectation of widespread adoption.
The incoming governor starts his duty as the new head of the Bank of England on the 17th of March 2020. His former role was being the head of the Financial Conduct Authority (FCA) of the United Kingdom. Being a vocal critic of Bitcoin and cryptos at large, this isn’t the first such comment.
During his time as the head of the FCA, Bailey opined that Bitcoin is not a currency, but rather an odd commodity with a fixed supply. This comment came on the eve of Bitcoin hitting its all-time high of nearly $20,000 in December 2017. In conformity with other critics, he pointed out the coin’s popularity with criminals.
In stark contrast, the outgoing Bank of England governor had a different view of Bitcoin. Going by the name of Mark Carney, he was open to a Central Bank Digital Currency (CBDC) and also spoke in favor of Facebook’s Libra project.