Former British Chancellor Lord Philip Hammond has reportedly urged investors to be “extremely cautious” about investing in cryptocurrencies, including bitcoin and ether.
Lord Hammond was a U.K. cabinet minister who served as the chancellor of the exchequer from 2016 to 2019, foreign secretary from 2014 to 2016, and defense secretary from 2011 to 2014. He joined the House of Lords in July last year.
Commenting on whether one should invest in cryptocurrencies like bitcoin, he told The Mail on Sunday: “If a member of my family was asking me, I think what I’d do is draw their attention to the fact that large and reputable established asset managers are now increasingly dipping their toe.” The former chancellor of the exchequer emphasized: “But it is dipping a toe — it’s a tiny proportion of their asset base exposed to what is a highly volatile asset class.” He added:
It’s almost certainly not suitable for retail investors as a mainstream investment category … It’s gambling money. I think people should be extremely cautious. Many regard them as closer to gaming than serious investing.
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