Irish Central Bank Governor: Bitcoin Investors Could Lose All Their Money!
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Answer Irish Central Bank Governor: Bitcoin Investors Could Lose All Their Money!
Although top entrepreneurs have shown their support for Bitcoin.
Regulators, at least in Ireland, seem to have taken a stride away from Bitcoin.
According to Gabriel Makhlouf, Governor of the Central Bank of Ireland, who stated recently by saying:
Bitcoin investors should be prepared to lose all their money.
He added that he is concerned about consumer choices that may be incorrect.
He also told that he does not see a problem with Bitcoin and that it does not threaten financial stability at the moment.
The Irish Bank Governor noted that people recognized Bitcoin as an investment asset, but did not understand why people choose to invest in cryptocurrencies, stating in this regard:
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Personally, I’m not sure why people invest in these types of assets, but they clearly see them as assets.
For our part, our role is to make sure that consumers are protected.
It is worth noting that this is not the first time that the authority of the central bank has rejected Bitcoin.
Last year, Mr. Andrew Bailey, the governor of the Bank of England, stated that he found it difficult to see how Bitcoin had an intrinsic value.
Andrew also previously ruled out the possibility of using stablecoins, bitcoin and other cryptocurrencies as a medium in traditional payments.
Recently, Mr. Augustin Garsten, Director General of the Bank for International Settlements, stated:
Investors should be aware that the digital asset could collapse in a big way at any moment.
The price of Bitcoin today reached $ 34,200, according to “CoinGecko”.
The price of Bitcoin fell after yesterday it reached 38 thousand dollars, affected by the momentum on the level of social media platforms and about the update made by “Elon Musk” on his Twitter account.
Paolo Arduino, CTO of Bitfinex, commented on the recent rise of Bitcoin by saying:
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Such events appear to challenge the financial elite.
The growing recognition of Bitcoin’s hallmarks should outlive the current interest in GameStop stocks.
While cryptocurrencies are nascent, they have the potential to turn the power structure of unfair financial markets set up against retail investors.
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