While countries like India recently released positive judgment towards cryptocurrency, the upcoming governor of Bank of England, Andrew Bailey warned bitcoin investors. He stressed bitcoin investors to be prepared to lose all their money.

The news comes in a video clip in which Andrew expressed his negative sentiments regarding Bitcoin. He said, “there is no guarantee of the value of bitcoin”. Bailey is set to take charge as the Bank’s governor on March 16 this year. Interestingly, Prior to this, he has also served as the deputy governor of the Bank of England. However, what’s more, to dig deeper is that the upcoming governor of England had shared his unfavorable opinion back in 2017 as well.

In his earlier interview with BBC’s Newsnight, Bailey informed the audience that Bitcoin is similar to gambling. In his view, the crowning cryptocurrency is not a currency, he further provided reasoning to his claim, stating that “Bitcoin is a very volatile commodity in terms of it’s pricing”.

Bailey’s new statement notes that bitcoin has no intrinsic value and it hasn’t caught on much. He elaborated it in front of the U.K. Parliament as follows;

“I’ve said publicly because we were concerned about it – if you want to buy bitcoin, be prepared to lose all your money. If you want to buy it, fine, but understand that what you’ve got has no intrinsic value. It might have extrinsic value, but no intrinsic value.”

In contrast to Bailey’s negative attitude about Bitcoin, the outgoing Governor Mark Carney has had somewhat positive views regarding cryptocurrencies. Noticeably, Carney publicly stated that he would allow Facebook Stablecoins to enter the British market bearing the strong regulatory procedures in place.