Ireland’s central bank is concerned about the growing popularity of cryptocurrencies due to the unregulated and highly speculative market.
May 31, 2021 | AtoZ Markets – Crypto investments are very dangerous because the market is not regulated in any way. This was stated by the head of the control department of the Central Bank of Ireland Derville Rowland, writes Bloomberg. According to her, cryptocurrency investors should be prepared to lose all their investments due to the high speculativeness of the industry.
“Crypto assets are speculative, unregulated investments. [Investors] need to be aware that they could lose all their investment,” she said.
The Central Bank of Ireland warned of the risks associated with cryptocurrencies after the local Independent.ie found out that the Irish are the most loyal crypto investors in Europe. According to a study by financial firm Plum, Irish people invest 92% more in cryptocurrency than residents of the UK, France, and Spain.
However, not only the Central Bank of Ireland is skeptical about cryptocurrencies. For example, in early January this year, Gabriel Makhlouf, a member of the European Central Bank’s Governing Council, expressed similar concerns.
“Personally, I’m not sure why people invest in such assets. Our role is to provide consumers with protection,” Makhlouf said at the time.
The head of MicroStrategy, Michael Sailor, is of a different opinion. According to him, the company is confident that crypto investments are safer than investments in gold. However, Sailor is interested in strengthening Bitcoin. The corporate balance of MicroStrategy has 92,079 BTC. At the time of this writing, the amount is $3.2 billion.
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