One of the prominent skeptics of cryptocurrencies, the head of the English central bank, Andrew Bailey, warned of investing in the booming market. While talking to a news conference, he balked at the notion of digital assets. The UK’s top financial official further argued that the digital assets lacked intrinsic value. Andrew said,
I’m sorry, I’m going to say this very bluntly again: Buy them only if you’re prepared to lose all your money.
The latest remarks by the UK’s central bank head are identical to those issued by the country’s financial watchdog FCA. At the beginning of this month, the FCA warned the British citizens of the dire risks of investing in the digital market.
But the situation was different back then as the world’s most famous crypto coin was on track towards a major correction and stood at $33,000. Since then, not only the BTC’s market cap has surged to $2.3 trillion, but a mainstream adoption by major business firms has led to increased confidence and mainstream use.
The latest remarks come amid a significant surge in the prices of the altcoins, with Ethereum, the second most famous crypto-asset touching its all-time high. Besides that, Dogecoin, Ripple, and Chainlink have also seen an uptick in the prices.
Meanwhile, the major concern for the British authorities remains the use of digital assets to evade government tasks. Earlier, the country’s revenue authority vowed to upscale its policies to halt the use of assets to evade taxes and money laundering.