<p>Bank of England governor Andrew Bailey has a blunt message for those investing in crypto: "Buy them only if you're prepared to lose all your money."</p> <p>Speaking at a <a href="https://www.youtube.com/watch?v=A75I2nH_lW0">press conference</a> on Thursday, Bailey said he sees no intrinsic value in crypto. "I'm afraid they have no intrinsic value," he said. "And it doesn't mean to say that people don't put a value on them because they can have extrinsic value. But they have no intrinsic value."</p> <p>Bailey also doesn't like the words crypto and currency together. He said he wants to use a "more neutral" phrase, "crypto assets."</p> <p>Bailey has since long been a crypto critic. Last year, he <a href="https://twitter.com/BBCNewsnight/status/941443905349971968?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E941443905349971968%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fnext-boe-governor-be-prepared-to-lose-all-your-money-with-bitcoin">made similar remarks</a>: "If you want to buy bitcoin, be prepared to lose all your money… [bitcoin] has no intrinsic value." Earlier this year, he said crypto isn't suitable for payments.</p> <p>Meanwhile, The Bank of England is exploring its own digital currency. Last month, the central bank, together with HM Treasury, <a href="https://www.theblockcrypto.com/post/102109/bank-of-england-hm-treasury-new-taskforce-cbdc-digital-currency">created a joint task force</a> to assess the possibility of launching a digital pound. If approved and issued, the U.K.'s digital currency would exist alongside cash and bank deposits rather than replacing them.</p>