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Friday, March 24, 2023

Bitcoin Investors May Lose Everything, Central Banker Warns

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Bitcoin investors need to be prepared to “lose all their money,” European Central Bank (ECB) governing council member Gabriel Makhlouf said, the latest warning from a central banker on the cryptocurrency.

“Personally, I’m not sure why people invest in those sorts of assets, but they see them as assets clearly,” Makhlouf, who is also governor of Ireland’s central bank, told Bloomberg TV on Friday. “Our role is to make sure that consumers are protected.”

Makhlouf’s comments echo skepticism from ECB leaders.

The cryptocurrency is a “highly speculative asset,” President Christine Lagarde said this month. Bitcoin prices have more than doubled since November and topped $40,000 earlier this month. Large movements in its value are common, with four daily swings of more than 5 percent in the past nine days.

On Friday, Bitcoin rallied above $35,000, with brokers attributing the move to Elon Musk mentioning the cryptocurrency in his bio page on Twitter.

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