Former UK finance minister on bitcoin: ‘Unsuitable as an investment’

Philip Hammond Moon Small retail investors need to be very cautious when it comes to bitcoins and other cryptocurrencies. The underlying technology, on the other hand, will completely take over the financial world.

Bitcoin is playing

Lord Hammond cautions retail investors in a interview
with the British newspaper The Daily Mail.

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“If someone in my family asked me [of hij zou moeten
investeren in crypto] Then I think I would point out to you that the big, established asset managers are increasingly taking their first steps. But these are your first steps; it’s a fraction of your assets exposed to a highly volatile asset class. ”

Hammond was Secretary of the Treasury from 2016 to 2019 and now a strategic advisor to Copper, a crypto asset manager for institutional parties. Consider that bitcoin and other cryptocurrencies are completely unsuitable for holding a great position at the moment.

“It is almost certainly not suitable for retail investors as a conventional asset class. I know a lot of people who have a bit of exposure to cryptocurrencies, but it is money that they have written off. It is money to play. I think people should be very careful. A lot of people see it more as a game than a serious investment. “

The underlying technology

Hammond does not see himself working for a small investor-oriented company, but he estimates that the distributed ledger technology (‘distributed ledger’) is becoming the new standard in the financial world.

“My job at Copper is to spark the debate so that people are aware of the huge opportunities that lie ahead,” says the man nicknamed in Finance. Phil spreadsheet obtained, “We can seize the opportunities of a new technology and take advantage of the fact that, despite what some of our friends in Europe may think, London is still the main financial center of Europe.”

Alex Hodgson

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