• Gabriel Makhlouf’s comments reflect the skepticism of the ECB leaders. The cryptocurrency is a “highly speculative commodity,” said President Christine Lagarde this month. Bitcoin prices have more than doubled since November and topped $ 40,000 earlier this month.

Bloomberg

PUBLISHED ON JAN 29, 2021 5:03 PM

Bitcoin investors must be ready to “lose all their money,” said Gabriel Makhlouf, a member of the governing council of the European Central Bank, following the latest warning from a central banker about cryptocurrency.

“Personally, I’m not sure why people are investing in these types of assets, but they clearly see them as assets,” Makhlouf, who is also the governor of Ireland’s central bank, told Bloomberg TV on Friday. “Our job is to make sure consumers are protected.”

Makhlouf’s comments reflect the skepticism of the ECB leaders. The cryptocurrency is a “highly speculative good,” said President Christine Lagarde this month. Bitcoin prices have more than doubled since November and topped $ 40,000 earlier this month. Large movements in value are common, with four daily fluctuations of more than 5% over the past nine days.

Bitcoin rebounded over $ 35,000 on Friday, with brokers attributing the move to Elon Musk and mentioning the cryptocurrency on his bios page on Twitter.

Bitcoin jumps over $ 35,000 when Musk puts it on Twitter profile

Nevertheless, Makhlouf currently sees no “problems with financial stability that result from Bitcoin itself”.

“I’m more concerned about consumers making the right choices,” he said.

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