Bitcoin has been the best Asset of the past decade. Compared to shares, real estate or precious metals, BTC was able to record huge profits. While some people invest in Bitcoin because they believe the promise of its technology and Value, there is the other group, the BTC is considered as a useful Supplement in its own Portfolio. The goal is, the maximum return out of it.
Again and again the criticism comes from the outside: Bitcoin have no intrinsic value. It was only a snow ball system. A Danger. A Risk. And it is the total loss of the threat. So now, the dramatic warning of the President of the Bank of England. We are what he has to say.
The Bitcoin investment ends up as a total loss?
The scepticism of many investors to crypto-currencies is high. While the younger Generation of Bitcoin and crypto currencies in General as a technological milestone and Innovation, it is mainly the older Generation thinks Nothing of it all. Shares or real estate are, in currencies, in comparison to Crypto-is quite resistant, and have more substance.
A statements that go in this direction, now came from Andrew Bailey. Bailey is not the inventor of the same name, alcohol brand name, but the former and from the 17th century. March is also current President of the Bank of England. He spoke now in the context of a financial Committee of the British Parliament to Bitcoin and co. in His opinion could not be clearer:
BREAKING: The Bank of England governor-designate, Andrew Bailey, says those holding bitcoin should “be prepared to lose all of your money” and “bitcoin has not caught on much.”
ok bankers pic.twitter.com/eu4bolovWf
Block folio (@block folio) March 4, 2020
He remained in his statements, which he expressed in the past. The basic tenor: crypto is a bad investment currencies. And also this Time, Bailey took drastic words, so that he may be cited as follows:
If you want to buy Bitcoin, then expect to lose all your money. He has no intrinsic value.
If we want this message to something Positive, then it is that he speaks to Bitcoin at least one extrinsic value. However, this extrinsic value was not as high as people would see.
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Andrew Bailey and Warren Buffet, with a similar view
So Andrew Bailey expresses almost the same as the ‘Oracle of Oklahoma’ – Warren Buffet. Buffet said – in spite of (or just) because of his meeting with Justin Sun that Bitcoin has no value. During the Buffet, but it is rare to crypto-currencies, shoots Bailey currencies regularly against Crypto.
The best example of this is an Interview of Bailey with the BBC from the year 2017. During the enormous Bitcoin boom in December, Bailey referred to BTC as a volatile Asset and a weird asset (‘odd commodity’). The warning was the Same:
“If you want to invest in Bitcoin, be prepared to lose all your money” warns the head of the Financial Conduct Authority Andrew Bailey #newsnight pic.twitter.com/WRIwYOPCYQ
— BBC Newsnight (@BBCNewsnight) December 14, 2017
The debate about whether Bitcoin has intrinsic value is probably as old as the Coin itself. The answer to that is complex, and there are different interpretations. While the cost of production or its function as a distributed database as intrinsic value, see, speak, critics of these arguments. Anyway, from my perspective: anyone who is not investing in a Bitcoin Scam, you need not to Worry, that he loses all his money’.
What do you think about Bitcoin and its intrinsic value? – We must fear that our invested money is eventually lost?
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