Cryptocurrencies are 'inherently volatile, very vulnerable to sentiment and prone to collapse,' said the Bank of England executive. crypto bitcoin $BTC
Bank of England's Cunliffe Warns Crypto Is 'Prone to Collapse' — Touts 'Same Risk, Same Regulatory Outcome'
He explained that some crypto assets are purely speculative, with no backing, stating that bitcoin, for example, has nothing behind it. He also reiterated his previous warning that if you invest in crypto assets, you must “be prepared to lose all of your money.” However, asserting that the boundaries between crypto and the traditional financial system will “increasingly become blurred,” Cunliffe said that without action, systemic risks would emerge, particularly if crypto activity and its connection to banks and other markets continue to grow. He stressed that regulators need to “get on with the job” and bring crypto within the “regulatory perimeter.
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