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“Cryptocurrency investors should be prepared to lose all their money” -Bank of England



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 1 month ago '05        #1
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Stuart Scott  topics gone triple plat - Number 1 spot x17
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“Cryptocurrency investors should be prepared to lose all their money” -Bank of England
 

 
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KEY POINTS
- When asked about the rising value of cryptocurrencies, Bank of England Governor Andrew Bailey said: “They have no intrinsic value.”
- “I’m going to say this very bluntly again,” he added. “Buy them only if you’re prepared to lose all your money.”
- The prices of digital currencies from bitcoin to dogecoin have climbed wildly this year.

LONDON — Cryptocurrencies “have no intrinsic value” and people who invest in them should be prepared to lose all their money, Bank of England (BOE) Governor Andrew Bailey said Thursday.

Digital currencies like bitcoin, ether and even dogecoin have been on a tear this year, reminding some investors of the 2017 crypto bubble in which bitcoin blasted toward $20,000, only to sink as low as $3,122 a year later.

Asked at a press conference about the rising value of cryptocurrencies on Thursday, Bailey said: “They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value.”

“I’m going to say this very bluntly again,” he added. “Buy them only if you’re prepared to lose all your money.”

Bailey’s comments echoed a similar warning from the U.K.’s Financial Conduct Authority (FCA).

“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money,” the financial services watchdog said in January.

“If consumers invest in these types of product, they should be prepared to lose all their money.”

Bailey, who was formerly the chief executive of the FCA, has long been a skeptic of crypto. In 2017, he warned: “If you want to invest in bitcoin, be prepared to lose all your money.”

Bitcoin is up over 90% so far this year, thanks in part to rising interest from institutional investors and corporate buyers such as Tesla. The electric car firm bought $1.5 billion worth of bitcoin earlier this year, and the value of its holdings have since risen to nearly $2.5 billion.

Proponents of bitcoin see it as a store of value akin to gold because of its scarce supply — only 21 million bitcoins can ever be minted — arguing that the cryptocurrency can act as a hedge against inflation as central banks around the world print money to relieve coronavirus-battered economies.

However, skeptics view bitcoin as a market bubble waiting to burst. Michael Hartnett, chief investment strategist at Bank of America Securities, said bitcoin’s rally looks like the “mother of all bubbles,” while Alvine Capital’s Stephen Isaacs believes there are “no fundamentals with this product, period.”

Meanwhile, alternative digital currencies have made even larger gains than bitcoin. Ether, the native token of the Ethereum blockchain, has seen returns of more than 360% year-to-date, while meme-inspired crypto dogecoin is up a whopping 12,500%.

Analysts have attributed dogecoin’s rise to tweets from celebrities like Elon Musk and Mark Cuban, as well as retail investors buying the token on the free-trading app Robinhood. David Kimberley, an analyst at U.K. investing app Freetrade, described the dogecoin rally as “a classic example of greater fool theory at play,” referring to the practice of selling overvalued a*sets to investors who are willing to pay a higher price.

At the same time, central banks are considering whether to issue their own digital currencies. Last month, the Bank of England launched a joint taskforce with the Treasury aimed at exploring central bank digital currencies, or CBDCs. Such a currency would exist alongside cash and bank deposits rather than replacing them, the bank said.

visit this link https://www.cnbc.com/2021 .. eir-money.html
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116 comments
 

 1 month ago '04        #2
GetEmDaddy902 
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The banks should be prepared to lose all their money because people gonna be taking it out and putting it in crypto.....



Banks out here trying to use scare tactics to try to convince people to keep there money in the bank so they can invest in crypto and come up while they are holding your money.
+103   

 1 month ago '16        #3
Homer Pimpson 
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“Bank of England”

+74   

 1 month ago '13        #4
boobalo1  topics gone triple plat - Number 1 spot x1
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London’s one of the biggest financial cities in the world.. they got everything against crypto..
+34   

 1 month ago '17        #5
Acebit 
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only a matter of time b4 theyre on the xrp ledger
+16   

 1 month ago '07        #6
Adam Is BeTTeR 
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These MFs hate it when common folk make money

Man,
+49   

 1 month ago '20        #7
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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“They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value.”


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 1 month ago '20        #8
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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 Adam Is BeTTeR said
These MFs hate it when common folk make money

Man,

+16   

 1 month ago '20        #9
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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 Acebit said
only a matter of time b4 theyre on the xrp ledger

+17   

 1 month ago '20        #10
MeNoSenYouNoCom  topics gone triple plat - Number 1 spot x7
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 GetEmDaddy902 said
The banks should be prepared to lose all their money because people gonna be taking it out and putting it in crypto.....



Banks out here trying to use scare tactics to try to convince people to keep there money in the bank so they can invest in crypto and come up while they are holding your money.

+12   

 1 month ago '16        #11
Proveone  topics gone triple plat - Number 1 spot x4
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With 6k in seed money I've made 3500(that I've realized)with another 1k of gains reinvested in less than a month on this crypto hype. While I disagree with him in that folks will lose all their money, it can't continue being this easy to make money.
+24   

 1 month ago '14        #12
Spot Rusherz  topics gone triple plat - Number 1 spot x31
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 1 month ago '04        #13
Adwerdz  topics gone triple plat - Number 1 spot x51
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Broke ppl getting rich, they don't like that sh*t



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 1 month ago '18        #14
NBA  topics gone triple plat - Number 1 spot x4
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The sh*t will crash eventually

It’s inevitable

I just hope people don’t start k*lling themselves because it will go back up eventually
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 1 month ago '14        #15
brotheramir 
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fu*k outta here...I'm up 8K today and 70 for the week, about to be DEBT FREE in a few days. They're SCARED! you can say the same thing for a traditional stock, it's all a game of RISK & REWARD.... so YOLO!

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 1 month ago '19        #16
GetYaCoinsKing  topics gone triple plat - Number 1 spot x1
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Lol people catch-on to Crypto and suddenly there's non-stop fud being spread lmaoo sh*ts hilarious you can tell that they're big mad.
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 1 month ago '19        #17
GetYaCoinsKing  topics gone triple plat - Number 1 spot x1
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 brotheramir said
fu*k outta here...I'm up 8K today and 70 for the week, about to be DEBT FREE in a few days. They're SCARED! you can say the same thing for a traditional stock, it's all a game of RISK & REWARD.... so YOLO!

Facts!! I would be willing to bet that the REAL fear is that crypto will overtake the traditional investment methods ie; S&P, because why invest for 7% growth a year, When i can get 7-10% a DAY with minimal risk? lol
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 1 month ago '05        #18
hbk83 
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This is true with almost any investment. Ask the retirees who worked for 40-50 years and lost all their sh*t in 2006-2007 in the stock market
Companies / financial institutions etc.. all got bailed out by the government but the citizens didn’t get a fu*king dime back. These old a*s haters need to perish already.
+14   

 1 month ago '15        #19
thirssty58  topics gone triple plat - Number 1 spot x1
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Humans love an I told you so anyway broad statement like that smells of fear mongering
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 1 month ago '11        #20
inthezone  topics gone triple plat - Number 1 spot x1
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I tried to understand where bitcoin comes from
And it just doesnt make sense

Paper Money is valuable only because it’s supposedly backed by gold (which in itself is total BS)
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 1 month ago '13        #21
Facts B  topics gone triple plat - Number 1 spot x1
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3 years ago, articles like these made me sell most of my holdings.

I should be a millionaire right now, but I got scared out of holding.

Moral of the story: No one knows the future for crypto
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 1 month ago '05        #22
ice wolf  topics gone triple plat - Number 1 spot x4
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 GetYaCoinsKing said
Facts!! I would be willing to bet that the REAL fear is that crypto will overtake the traditional investment methods ie; S&P, because why invest for 7% growth a year, When i can get 7-10% a DAY with minimal risk? lol
Central banks don't wanna be displaced, and this is simply architected fear-mongering.
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 1 month ago '05        #23
ice wolf  topics gone triple plat - Number 1 spot x4
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 inthezone said
I tried to understand where bitcoin comes from
And it just doesnt make sense

Paper Money is valuable only because it’s supposedly backed by gold (which in itself is total BS)
Paper money in the U.S hasn't been backed by gold since the late 70's bruh

It's just backed by the Feds, and it's simply a piece of paper.
+17   

 1 month ago '11        #24
inthezone  topics gone triple plat - Number 1 spot x1
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 ice wolf said
Paper money in the U.S hasn't been backed by gold since the late 70's bruh

It's just backed by the Feds, and it's simply a piece of paper.
Ok i know we’re in the “bubble”
I get that

But what makes bitcoin credible tho
+2   

 1 month ago '17        #25
HipHopJunkie 
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Yea cuz paper money has so much value
+10   



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