The British Financial Authority warned last week after seeing the tempting value of Bitcoin, that people stand to lose their funds if they invest in bitcoin. And now just a week after issuing the warning about a possible bitcoincrash, the price of Bitcoin has crashed.
Speaking with the BBC Newsnight program, Andrew Bailey, the chief executive of the UK’s Financial Conduct Authority (FCA) compared Bitcoin to be as risky as gambling. Andrew Baily warns that people stand to lose their money if they invest in Bitcoin, since it is not regulated by the central authorities.
Andrew in his words said,
“It is a very volatile commodity in terms of its pricing … If you want to invest in bitcoin be prepared to lose your money – that would be my serious warning.”
Andrew Baily while saying all this was very confident. Could it be that the British FCA Chief Executive saw what was coming? Or do You think it was just a mere coincidence? Well, either way he gave a sound warning but the warning fell on the deaf ear of Bitcoin investors.