The chief executive of a top U.K. regulatory agency said that he is not impressed by the meteoric rise of the bitcoin price, and he warned cryptocurrency investors that they should be prepared to lose all of their money.
Speaking with the BBC, Financial Conduct Authority (FCA) chief Andrew Bailey compared investing in bitcoin to gambling, due to the volatility of the bitcoin price.
“If you look at what has happened this year, I would caution people … We know relatively little about what informs the price of bitcoin,” Bailey said.
Source: http://strategiccoin.com/be-prepared-to-lose-it-all-u-k-regulator-issues-stark-warning-as-bitcoin-price-surges/
Speaking with the BBC, Financial Conduct Authority (FCA) chief Andrew Bailey compared investing in bitcoin to gambling, due to the volatility of the bitcoin price.
“If you look at what has happened this year, I would caution people … We know relatively little about what informs the price of bitcoin,” Bailey said.
Source: http://strategiccoin.com/be-prepared-to-lose-it-all-u-k-regulator-issues-stark-warning-as-bitcoin-price-surges/
