Former British Chancellor of the Exchequer Lord Hammond has reportedly warned against investing in cryptocurrencies. He said, “It’s gambling money,” noting that “people should be extremely careful” and “Many consider them to be gambling rather than serious investments.” Nonetheless, he is currently a senior advisor to a crypto firm.
The former British Chancellor of the Exchequer warns against investing in cryptocurrencies
Former British Chancellor Lord Philip Hammond has reportedly urged investors to be “extremely cautious” when investing in cryptocurrencies, including Bitcoin and Ether.
Lord Hammond was British Cabinet Secretary who was Chancellor of the Exchequer from 2016 to 2019, Secretary of State from 2014 to 2016 and Secretary of Defense from 2011 to 2014. In July last year he joined the House of Lords.
When asked whether to invest in cryptocurrencies like Bitcoin, he told The Mail on Sunday: “If a member of my family asked me, I think I would make them aware that large and respected wealth managers are well established now increasingly into the toes. “The former Chancellor of the Exchequer emphasized:” But it is a toe – a tiny part of your assets is exposed in a highly volatile asset class. ” He added:
It is almost certainly not suitable for retail investors as a mainstream asset class … It is gambling money. I think people should be extremely careful. Many consider them to be gaming rather than serious investments.
“I know a lot of people who have little exposure to crypto assets, but it’s money that they wrote off,” he continued.
Despite warning against cryptocurrency investing, Lord Hammond has taken on a role as a senior advisor at the crypto firm Copper, which he joined in October. The company, valued at $ 3 billion last month, provides digital asset infrastructure to institutional clients including traders, asset managers, private banks, crypto funds and family offices.
Lord Hammond stressed that he would not have joined a company focused on crypto investing. However, he noted that distributed ledger technology will “finally embrace all of what we currently understand by financial services.” He made it clear, “My job at Copper is to raise awareness of this debate and to make sure people know that there is a great opportunity here.”
The former Chancellor of the Exchequer concluded:
We can take advantage of new technology opportunities and the fact that London is still the dominant financial services center on the European continent, whatever some of our friends in Europe may think.
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Source: Crypto News Austria