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Cryptocurrencies are too volatile to be used for payment, and investors should prepare to lose all their money, BoE governor says

1 month ago   |   By Business Insider

Bank of England Governor Andrew Bailey.
Photo by TOLGA AKMEN/POOL/AFP via Getty Images
Bank of England Governor Andrew Bailey said cryptocurrencies are not a good method of payment, Bloomberg reported.
"If you want to buy them then please understand that you can lose, you could lose all your money," he said.
This isn't the first time the governor has expressed skepticism towards cryptocurrencies.
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Bank of England Governor Andrew Bailey said he believes that cryptocurrencies are not a reliable method of payment...
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Goldman Sachs says buy these 37 stocks that will offer strong returns with minimal risk through year-end as growth names regain leadership

Goldman Sachs says buy these 37 stocks that will offer strong returns with minimal risk through year-end as growth names regain leadership

1 month ago   |   By Business Insider

Summary List Placement In the era of cryptocurrencies and meme stocks , the overall stock market is surprisingly a sea of calm.
The Cboe Volatility Index , or the VIX, closed below 16 last week, which marked its first print below 16 since February last year, according to S&P Global.
To put it in perspective, the VIX surged to 41 exactly one year ago, Goldman Sachs strategists led by chief equity strategist David Kostin pointed out in a June 11 research note.
Since then, volatility has steadily declined while the S&P 500 ascended and returned 14% this year as of Friday.
Kostin adds that the...
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Cryptocurrencies are too volatile to be used for payment, and investors should prepare to lose all their money, BoE governor says

Cryptocurrencies are too volatile to be used for payment, and investors should prepare to lose all their money, BoE governor says

1 month ago   |   By Business Insider

Summary List Placement Bank of England Governor Andrew Bailey said he believes that cryptocurrencies are not a reliable method of payment, highlighting their high volatility in comments made on Monday.
"They fluctuate in value substantially," he said during a virtual conference, reported by Bloomberg. "Which is why they're, on the whole, not a good medium for making payments."
Bailey's comment comes days after lawmakers in El Salvador voted to make bitcoin legal tender alongside the US dollar, the first country in the world to do so.
"Given the volatility of the asset value, and given the...
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