Bank of England President Andrew Bailey and Elon Musk gave the same warning to Bitcoin and cryptocurrency investors. Details are in the content of our news.
Bank of England President and Elon Musk warn the same
Bank of England President Andrew Bailey reiterated the warning he made to Bitcoin and cryptocurrency investors when he was Chairman of the Financial Conduct Authority (FCA) in 2017. “If you are investing your money in Bitcoin, be prepared to lose!” found in the description.
Bailey has now been appointed President of the Bank of England. “I’m repeating the warning I made in 2017,” Bailey said.
According to Bailey;
“Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin have no real value. This is not to say that people do not value them, because they may have an external value. But they do not have an inherent value. It can be said that a fiat currency such as the US dollar also has no real value. The dollar gets its value from trust and credit in US monetary policies. ”
Elon Musk’s statements before the famous SNL night drew considerable attention. In these statements, Elon Musk shared the 2-minute episode with his followers on Twitter. Many news portals focused on Elon Musk’s ” cryptocurrencies are the money of the future ” in this video and ignored his other statements.
Below we see Elon Musk’s post.
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021
“We shouldn’t invest all of your lifetime savings in cryptocurrencies… Perhaps cryptocurrencies are the currency of the future. Consider the speculation in cryptocurrencies. Don’t go too far (on investment).
Dogecoin was invented as a joke for cryptocurrencies. There is an irony here between truth and falsehood. Dogecoin was created as a joke and then turned into real cryptocurrency. “
In his statements above, Elon Musk invites crypto investors to be cautious. He warns cryptocurrency investors not to invest all of their lifetime units in this area.