The head of Britain’s financial market regulator said bitcoin is not a real currency and warned people could lose all their money if they invest.
Andrew Bailey, head of the Financial Conduct Authority (FCA), told the BBC the cryptocurrency was not a secure investment and was similar to gambling. He said neither central banks nor the government backed bitcoin, making it high risk.
“It’s not a currency, it’s actually not regulated in its bitcoin form,” Bailey told BBC Newsnight. “It’s a very volatile commodity in terms of its pricing. If you look at what has happened this year, I would caution people,” he said.
“If you want to invest in bitcoin be prepared to lose your money — that would be my serious warning,” said Bailey.Bitcoin has soared in value this year, rising over 1,000% against the dollar so far. This has prompted both increased interest and concern from investors and financial […]