As the Bitcoin (BTC) price sees a sharp upsurge, the governor of the Central Bank of Ireland has voiced his concerns about cryptocurrency investments.
Gabriel Makhlouf, who is also a governing council member of the European Central Bank, warned the public about the risks of crypto investment on Bloomberg TV this Friday. The central banker specifically referred to a recent warning by the United Kingdom’s Financial Conduct Authority on Jan. 11:
“As the U.K. authority said a few weeks ago […] if people want to invest in Bitcoin they’ve got to be prepared to lose all their money. That’s certainly my view.“
According to Makhlouf, consumer protection is now the most important task of local regulators as investors are clearly considering cryptocurrencies like Bitcoin as assets for investment. Despite growing concerns about consumer protection, Makhlouf appeared to be confident that cryptocurrencies like Bitcoin do not pose a threat to global financial stability:
“Personally, I’m not sure why people invest in those sorts of assets, but they see them as assets clearly, and they see them as investments. Our role is to make sure that consumers are protected. I see that as theTitle: Irish central bank governor says crypto investors could lose all their money
Sourced From: cointelegraph.com/news/irish-central-bank-governor-says-crypto-investors-could-lose-all-their-money
Published Date: Fri, 29 Jan 2021 13:36:43 +0000