“They have no intrinsic value. That doesn’t mean to say people don’t put value on them, because they can have extrinsic value. But they have no intrinsic value,” Bailey said.
“I’m going to say this very bluntly again,” he continued, “buy them only if you’re prepared to lose all your money.”
Mr Bailey’s comments come as Dogecoin, a cryptocurrency styled after on the Shiba Inu breed of Japanese dog, has risen more than 100 times faster than Bitcoin, while another cryptocurrency Etherium recently hit record highs.
Many of these cryptocurrencies have been promoted by celebrities, including SpaceX and Tesla CEO Elon Musk. Mr Musk’s controversial tweets regularly push the price of the cryptocurrency higher, as…