Bank of England's Bailey repeats dire crypto warning: Be prepared to lose all your money
https://uk.finance.yahoo.com/news/ba...162315148.html
Bank of England (BoE) governor Andrew Bailey has warned crypto investors they could lose all their money as he said unbacked crypto assets have no intrinsic value.
"If you want to invest in these assets, okay, but be prepared to lose all your money," Bailey told the the public accounts committee (PAC) on Monday.
He added: "People may still want to buy them because they have extrinsic value ... people value things for personal reasons. But they don't have intrinsic value.
"This morning we have seen another blow-up in a crypto exchange."
Speaking to MPs on the committee, he also said artificial intelligence tools (AI) could potentially be a means to create automatic controls on suspicious cryptocurrencies. Bailey said that there are a lot of bad actors in crypto world and AI could be harnessed to automatically weed them out instantaneously.
Bailey's comments came as bitcoin and other cryptocurrencies are collapsing in price after Binance temporarily halted all withdrawals, citing "extreme market conditions".