Amid Bitcoin’s rising approval from institutional players, regulators have continued to express their fears about investment in the digital asset. Gabriel Makhlouf, the governor of Ireland’s central bank, is the latest official to warn of possible doom. According to him, “Bitcoiners” could lose all their money.
His statements tally with earlier warnings issued by the U.K.’s Financial Conduct Authority. The U.K. agency warned Bitcoin investors to prepare to lose all their money. Makhlouf is unsure why people are investing in digital assets. He said:
Personally, I’m not sure why people invest in those sorts of assets, but they see them as assets clearly. Our role is to make sure that consumers are protected.
As reported by Cryptocurrency-times, the Bank of England Governor Andrew Bailey also predicted doom for Bitcoin, noting that cryptocurrencies were not going to last. Meanwhile, Agustin Carstens, the general manager of the Bank for International Settlements, cautioned investors last week that Bitcoin could ultimately break down.
Investors must be cognizant that Bitcoin may well break down altogether.
Contrary to the warnings of these officials, institutional investors have continued to accumulate Bitcoin. Several investors have exposed a fraction of their portfolio to Bitcoin, with many more showing an interest.
Join our Telegram Channel? Click Here.