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The central banker proclaims FUD: Bitcoin hodlers are to prepare for losing all their money

2 min read
The central banker proclaims FUD: Bitcoin hodlers are to prepare for losing all their money

Andrew Bailey, a banker and future governor of the Bank of England, came before the British Parliament to disseminate warning shouts about alleged future bitcoin “crashes.”

 

Banker warns of losing money

 

A somewhat controversial statement was made by the incoming Governor of the Bank of England. He has not yet taken office and has already managed to warn a Bitcoin hodlers in his speech before parliament.

 

The banker, who served as Deputy Governor of the Central Bank from April 2013 to July 2016, took a sharp stance towards the BTC. He joined the side of the eternal critics of Bitcoin, such as economist Nouriel Roubini and gold advocate Peter Schiff. The group also includes investment veteran Warren Buffett.

 

Internal value?

 

Bailey had previously likened Bitcoin to gambling and described it as “a very volatile commodity in terms of its prices.” Now, however, the central banker has broadened his skepticism about cryptocurrencies with the following sharp words:

 

“There is no guarantee of the value of Bitcoin. […] If you want to buy Bitcoin, be prepared to lose all your money. If you want to buy it, well, but understand what you get. It has no intrinsic value. It can have an external value, but it has no real value. […] Bitcoin didn’t catch much ”

 

 

Similar shouts and warnings have been accompanying Bitcoin practically since its inception in 2009. Critics often reject BTC because of its intangible electronic form and say it has no intrinsic value. However, they unknowingly point to the fact that fiat money itself has no intrinsic value since the abolition of gold coverage and can be issued (in contrast to the BTC) in almost unlimited quantities.

 

Summary

 

Incoming Governor of the Bank of England, Banker Andrew Bailey, in his speech yesterday went to Bitcoin. It warned its holders and other users of loss. According to him, the BTC has no real value and did not even catch much. Judge for yourself whether his words are true and depict a cryptocurrency that has increased its value from floor to current ATH (2017) of $ 20,000 over ten years and is now traded for about $ 9,000.

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