Invest in Bitcoin but prepare to lose your money - Andrew Bailey Warns
If you invest in Bitcoin, prepare to lose all your money. "An alarm signal from the UK"
"If you want to invest in Bitcoin, get ready to lose all the money," Andrew Bailey, chief executive of the UK Financial Conduct Authority, warned in an interview at BBC's "Newsnight" show.
Bailey explained that the lack of government and central banks support for the most popular cryptocurrency in the world is a clear evidence that placing money in Bitcoin is not a safe investment.
Andrew Bailey also said that Bitcoin is almost like gambling in terms of investment risk.
“If you look at what has happened this year, I would caution people. We know relatively little about what informs the price of Bitcoin”
In the next two or three years, the Bitcoin quote will reach $ 100,000, and in the next twenty years it could grow to $ 1 million, Chamath Palihapitiya, head of Social Capital, recently said.
Chamath Palihapitiya said that he and two of his friends owned, at one point in 2013, 5% of the entire bitcoin stock package.
The Central Bank's governor, Philip Lowe, said at the Australian Payment Summit that bitcoin "feels like a speculative mania."
