Andrew Bailey, the incoming governor of the Bank of England, said that Bitcoin has no intrinsic value when he was speaking to lawmakers in parliament on March 4.
He reiterated his warning that cryptocurrency investors could lose all of their money.
BREAKING: The Bank of England governor-designate, Andrew Bailey, says those holding bitcoin should "be prepared to lose all of your money" and "bitcoin has not caught on much"
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"If you wanna buy Bitcoin, be prepared to lose all your money. If you wanna buy it — buy it, but understand what's you've got. It has no instrinsic value."
Bailey, who spearheaded the Financial Conduct Authority (FCA), cautioned Bitcoin buyers when the leading cryptocurrency was on the verge of reaching its current all-time high of nearly $20,000 in December 2017.
“If you want to invest in Bitcoin, be prepared to lose all your money” warns the head of the Financial Conduct Authority Andrew Bailey #newsnight
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Back then, he also denied that Bitcoin is a currency, calling it a 'volatile commodity.' Like other critics, he also rang the alarm about the coin's popularity with criminals.
Meanwhile, as U.Today reported, the BoE recently joined forces with other central banks to explore the viability of issuing their own digital currencies.
