Bitcoin ‘of great concern,’ Ireland’s central bank official warns

[C.Grigg]

Bitcoin ‘of great concern,’ Ireland’s central bank official warns​

Cryptocurrency investors should be ready to lose all their holdings, according to Ireland’s central bank financial conduct director.

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Ireland’s central bank director general for financial conduct is the latest official to point out issues of Bitcoin ( BTC ) and the cryptocurrency industry following a major market sell-off.
The growing popularity of cryptocurrencies like Bitcoin is “of great concern,” the Central Bank of Ireland’s Derville Rowland warned recently.
“Crypto assets are quite a speculative, unregulated investment,” and investors should be “really aware they could lose the whole of that investment.” Rowland stated after crypto markets shed nearly $1 trillion in a matter of days in one of the biggest historic crypto sell-offs .
Rowland’s perspective on crypto is set to contribute to the global regulation of the space, as the official will take over as chairwoman of the European Securities and Markets Authority’s (ESMA) investment management standing committee in July. Earlier this year, the financial authority outlined the same concerns around crypto , stating that these types of assets are not regulated and pose significant risks for investors due to its highly-volatile nature.
As one of the top executives of Ireland’s central bank, Rowland is known for her stringent stance on financial violations, as well as her involvement in major enforcement investigations. In March, the central bank fined Ireland’s largest stock broker Davy for breaching market rules, eventually pushing the firm to put itself up for sale.
Aside from pointing the finger at crypto, Rowland also reportedly outlined the problem of “gamification” of stock investing, referring to coordinated trading via social media platforms, including Reddit-driven GameStop short squeeze
A number of central bank officials have rang the alarm on crypto investment recently. In early May — prior to a downturn on crypto markets — the Bank of England governor Andrew Bailey warned that cryptocurrencies have no intrinsic value , and that people should only buy them if they’re prepared to lose their money. Last week, Bank of Japan governor Haruhiko Kuroda slammed Bitcoin , arguing that most of the trading was speculative.

 

[Tolumi]

I think the earlier all the centralized governments understand that they can not scare people away from crypto the better for them. They should focus their energy instead on how they can benefit from crypto also. The volatility of the crypto market is why the majority love it cos they can quickly make money. And I think anyone venturing into crypto is already aware of the risk involved.

 

[kayode10]

This is a period in which some people are going to make a lot of money with this news. It is certain that lots of people are going to sell off your assets so as not to lose out.

 

[Good-Person]

I think the earlier all the centralized governments understand that they can not scare people away from crypto the better for them. They should focus their energy instead on how they can benefit from crypto also. The volatility of the crypto market is why the majority love it cos they can quickly make money. And I think anyone venturing into crypto is already aware of the risk involved.

Crypto market is highly volatile but I am not sure why the director thinks that people should be "ready to lose" their funds. Bitcoin can fluctuate and it did fluctuate and many investors did lost their good amount of money but they never lost anything entirely.

 

[eLdavis]

This is a period in which some people are going to make a lot of money with this news. It is certain that lots of people are going to sell off your assets so as not to lose out.

that's if some have not started selling it off by now. There are certain buyers that usually wait for such news and make good use of the opportunity.