Bank of England governor Andrew Bailey has taken an almighty swipe at cryptocurrency investors, warning punters to be prepared to lose all their money to the online phenomenon.
Banks have been forced to take a hard stance against the growing trend, which poses a very real threat to traditional economic systems as more and more people elect to buy goods and services with decentralised currency.
Launched in 2008 as an alternative to mainstream banking services, Bitcoin has generated an unprecedented demand in alternative currency, encouraging the growth of countless new blockchain-based coins in a market now worth trillions.
However, the natural hysteria encapsulating the global cryptocurrency market has traditional economists hesitant to declare the revolutionary tech a failsafe investment.
Coins such as Dogecoin – which is now the fourth most popular cryptocurrency with a market cap of over $US84 billion – have risen in value on the back of internet memes.
Tech billionaire Elon Musk also holds tangible power in manipulating markets from his Twitter account, as seen earlier this…
