Former British Chancellor Lord Hammond warns of crypto investments-says: It's gambling-

The former British treasure director Lord Hammond has reportedly warned of investments in cryptocurrencies. He said: "It is gaming money" and noticed that "people should be extremely careful" and "many consider them more of gambling than for serious investments." Nevertheless, he is currently working as a senior advisor of a crypto company.

The former British treasure director warns of investing in cryptocurrencies

The former British Chancellor Lord Philip Hammond has reported investors to be "extremely careful" when investing in cryptocurrencies, including Bitcoin and ether.

Lord Hammond was a British cabinet minister, who was a treasure chancellor from 2014 to 2016 from 2014 to 2016 and from 2011 to 2014 Minister of Defense. In July last year he joined the House of Lords.

On the question of whether one should invest in cryptocurrencies like Bitcoin, he told The Mail on Sunday: "If a member of my family was asking me, in my opinion I would point out that large and respected asset managers are now established." The former treasure channel emphasized: "But it is a toe - a tiny part of her assets is exposed to a highly volatile asset class." He added:

It is almost certainly not suitable for private investors as a mainstream investment category ... it is gaming allowance. I think people should be extremely careful. Many consider them gaming rather than serious investments.

"I know a lot of people who have little commitment to crypto-assets, but it's money they have written off," he continued.

Although Lord Hammond warned of cryptocurrency investments, he has taken on a role as a senior advisor at the cryptofirma Copper, whom he joined in October. The company with a value of $ 3 billion in the past month offers institutional customers, including dealers, asset managers, private banks, cryptofonds and family offices, a digital asset infrastructure.

Lord Hammond emphasized that he would not have joined any company that focuses on crypto investments. He noted that Distributed-Ledger technology will "finally include the entire thing that we currently mean by financial services". He made it clear: "My job at Copper is to make this debate better known and to ensure that people know that there is a great opportunity here."

The former treasure chancellor Castle:

We can use the opportunities of new technologies and use the fact that London is still the dominant financial services center on the European continent, whatever some of our friends in Europe think.

What do you think of Lord Hammond's comments? Let us know in the comment area below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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