The chief executive of Britain’s Financial Conduct Authority has told Bitcoin investors that they could lose all their money.
Andrew Bailey spoke out after the cryptocurrency soared in price to a new record-breaking high after several weeks of astonishing growth. ‘It’s not a currency, it’s actually not regulated in its Bitcoin form,’ he said in an interview with Newsnight. ‘It’s a very volatile commodity in terms of its pricing. ‘If you look at what has happened this year, I would caution people. We know relatively little about what informs the price of Bitcoin. ‘It’s an odd commodity as well, as the supply is fixed. If you want to invest in Bitcoin be prepared to lose your money – that would be my serious warning.’