Bank of England's Bailey calls crypto-currencies 'dangerous'
Tweet
Share
E-mail
FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London, Britain March 16, 2020. Tolga Akmen/Pool via REUTERS
LONDON (Reuters) - Bank of England Governor Andrew Bailey said on Monday that crypto-currencies and similar assets were a danger to the public, reiterating his long-standing concern about them.
"I'm sceptical about crypto-assets, frankly, because they're dangerous and there's a huge enthusiasm out there," Bailey told the British parliament's Treasury Committee.
Bailey has previously said people should only invest in crypto-currencies if they are prepared to lose all their money, and warned that assets such as bitcoin do not fulfil key functions of a standard means of payment.
Bitcoin has lost more than 40% of its value since hitting a record high last month.
(Reporting by Andy Bruce, writing by David Milliken)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Premarket movers: Oracle surges on AI growth, ACV auctions jumps on $1.9B deal
- Equity risk premium falls to 2002 levels. What it means for stocks
- US Tiger Securities: 'A brief hiking cycle would create near-term headwinds for Bitcoin without overturning our long-term BUY thesis'
Create E-mail Alert Related Categories
Cryptocurrency, General News, ReutersRelated Entities
BitcoinSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
