"If consumers invest, they should be prepared to lose all their money.”
Billionaire and Co-founder of Microsoft, Bill Gates is reported to bet that Bitcoin will continue to depreciate in value until its final collapse.
This follows the Bitcoin’s 12% loss last week. Gates believes the downward trend will continue and will finally collapse with time. He advised that people should no longer invest heavily on the digital currency, and those who had invested should engage in profits taking, if possible divest.
Bitcoin plunged from its all time high of about $64,000 to $57,000 yesterday. Market analysts believe it was as a result of the launch of Coinbase Global Inc, a US’s largest exchange for the tokens.
According to express.co.uk, Chancellor Rishi Sunak had told the Bank of England, BoE to tackle the challenges posed by cryptocurrencies by introducing new Britcoin or a central bank-approved digital currency.
Britcoin or any other central bank -approved digital currency would allow businesses and consumers to hold accounts with the bank and would be given priority when making payment transactions.
Read also: CBN releases list of approved international money transfer operators in Nigeria, 2021
The Bank of England replied that both the government and BoE have not taken any decisions on that.
“The government and the BoE have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders in the benefits, risks and practicabilities of doing so.”
Britain’s Financial Conduct Authority, FCA had warned citizens on the risks of transacting on digital currencies.
“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering. If consumers invest, they should be prepared to lose all their money.”
Like the Britain’s Financial Conduct Authority, FCA, Central Bank of Nigeria, CBN had banned trading on cryptocurrencies using conventional commercial banks account for transfer and settlements in Nigeria. According to CBN, this is to curb the tendency of using crypto assets to fund terrorism, and other risks associated with unregulated currencies.
Read also: We Didn't Ban Cryptocurrencies in Nigeria – CBN
Despite this, some other countries like China, EU are planning to launch government approved digital currency.