{"id":42075,"date":"2021-05-07T12:43:32","date_gmt":"2021-05-07T09:43:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42075"},"modified":"2025-08-30T21:35:55","modified_gmt":"2025-08-30T18:35:55","slug":"bank-of-england-governor-warns-of-risk-of-losing-funds-when-buying-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bank-of-england-governor-warns-of-risk-of-losing-funds-when-buying-bitcoin\/","title":{"rendered":"Bank of England governor warns of risk of losing funds when buying Bitcoin"},"content":{"rendered":"<p>Cryptocurrencies have no intrinsic value, so investments in them carry significant risk, said Bank of England Governor Andrew Bailey.<\/p>\n<p><!--more--><\/p>\n<p>According to him, the prefix \u201ccrypto\u201d and the word \u201ccurrency\u201d are incompatible. At the press conference, Bailey noted that the hype around the cryptocurrency market is linked to the external value of this class of assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBuy them, only if you are prepared to lose all your money,\u201d he warned.<\/p>\n<\/blockquote>\n<p>When asked about threats to financial stability, the official said that the Bank of England has the ability to respond to any challenges.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Monetary Policy Report Press Conference, May 2021\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/A75I2nH_lW0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>Bailey has been a steadfast critic of cryptocurrencies. In March, during parliamentary hearings in the UK, he warned of the risk of losing all funds when investing in Bitcoin.<\/p>\n<p>Earlier at the World Economic Forum in Davos, the head of the Bank of England emphasised that none of the existing digital assets <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-england-doubts-bitcoins-long-term-prospects\">does not have a sustainable model<\/a>, which would allow it to function as a means of payment in the long term.<\/p>\n<p>Earlier in May, artist Fraz left several <a href=\"https:\/\/forklog.com\/en\/news\/british-artist-leaves-new-bitcoin-messages-on-bank-of-england-walls\">messages about Bitcoin<\/a> in the form of laser projections on the walls of the Bank of England. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrencies have no intrinsic value, so investments in them carry significant risk, said Bank of England Governor Andrew Bailey.<\/p>\n","protected":false},"author":1,"featured_media":42076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[216,810],"class_list":["post-42075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-england","tag-united-kingdom"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=42075"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42075\/revisions"}],"predecessor-version":[{"id":42077,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/42075\/revisions\/42077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/42076"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=42075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=42075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=42075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}