Yesterday, the Bank of England Governor Andrew Bailey was asked about the rising value of cryptocurrencies. He responded with “They have no intrinsic value… and buy them only if you’re prepared to lose all your money.”
Bitcoin, Ether, Dogecoin, and other digital currencies have been doing very well this year and people are reaping the rewards. Bailey believes that people put a value on them because of their extrinsic value. He also said the same warning to not invest in Bitcoin back in 2017.
Institutional investors and corporate buyers like Tesla have helped Bitcoin increase up over 90% this year. Tesla bought $1.5 billion worth of bitcoin and it now has a value of close to $2.5 billion. Buyers compare Bitcoin to gold because there is only 21 million bitcoin to ever be mined.
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