Investing in cryptocurrencies will always receive some skepticism from officials who started in traditional markets. Today in London, Andrew Bailey expressed this sentiment, arguing anyone putting money into Bitcoin should be prepared to lose the shirt off their back.

Bailey gave his thoughts on the cryptocurrency to members of the U.G. Parliament at a Treasury Select Committee hearing on Mar. 4. In a video available to Cointelegraph, Bailey reiterated his by warnings on Bitcoin and cryptocurrencies as a whole earlier stating:

"If you lot want to purchase Bitcoin, be prepared to lose all your coin… [Bitcoin] has no intrinsic value."

The little praise he did give the crypto asset was labeling it as having "extrinsic value". However, he thought "it hasn't caught on much, as people predicted it would."

Bailey's remarks echo those of billionaire Warren Buffett, who made the claim in an interview last calendar month that Bitcoin has no value. However, while Buffett seldom speaks to reporters on the field of study, Bailey has been consequent in his criticism of cryptocurrencies.

During a December 2017 BBC interview, in the middle of the Bitcoin boom, Bailey called the digital asset "volatile" and an "odd article" while giving the same warning:

As the former head of the U.K.'s Fiscal Conduct Authority, Bailey is ready to go the next Bank of England (BoE) Governor on Mar. 17. The outgoing governor, Marker Carney, gave his back up for Libra, set to exist released past Facebook this year.

Bank of England withal exploring CBDCs

While approachable governor Carney said he was open to having a key bank digital currency (CBDC) in the United Kingdom, Bailey'southward remarks today seem to bespeak his time spent at the BoE will take a unlike direction. Nevertheless, representatives from England volition bring together those from five other countries in Apr this year to discuss CBDCs.