<p><span style="font-weight: 400;">Andrew Bailey, who is set to lead the Bank of England, has issued yet another warning to would-be bitcoin investors: "Be prepared to lose all your money."</span></p> <p><span style="font-weight: 400;">Bailey previously stated his unfavorable opinions about bitcoin in Dec. 2017 during an <a href="https://www.bbc.com/news/business-42360553">interview</a> with BBC's Newsnight. B</span><span style="font-weight: 400;">uying bitcoin is similar to gambling, he contended, because "[bitcoin] is not a currency" and is "a very volatile commodity in terms of its pricing."</span></p> <p>Bailey was the deputy governor of the Bank of England from April 2013 to July 2016. He was recently appointed as the Bank's governor and <a href="https://www.bankofengland.co.uk/about/people/andrew-bailey/biography" target="_blank" rel="noopener noreferrer">will begin his term</a> on March 16, 2020.</p> <p><span style="font-weight: 400;">"If you want to invest in bitcoin be prepared to lose your money – that would be my serious warning," he told BBC at the time.</span></p> <p><span style="font-weight: 400;">In a Wednesday speech in front of the U.K. Parliament, Bailey reiterated his previous position.</span></p> <p><span style="font-weight: 400;">"There’s no guarantee of the value of bitcoin," he said, according to a </span><a href="https://twitter.com/blockfolio/status/1235260083094855683?s=20"><span style="font-weight: 400;">video clip</span></a> published on Twitter<span style="font-weight: 400;">. "I've said publicly because we were concerned about it – if you want to buy bitcoin, be prepared to lose all your money. If you want to buy it, fine, but understand that what you've got has no intrinsic value. It might have extrinsic value, but no intrinsic value."</span></p> <p><span style="font-weight: 400;">"[Bitcoin] hasn’t caught on much," he added.</span></p>