“People may still want to buy them because they have extrinsic value… people value things for personal reasons. But they don’t have intrinsic value,” said Andrew Bailey.

Andrew Bailey, governor of the Bank of England, warned cryptocurrency investors on Monday that they could lose all their invested capital amid the crash in the digital currency market.

“If you want to invest in these assets, that’s fine, but be prepared to lose all your money,” Bailey told the British Parliament’s Public Accounts Committee, quoted by Reuters . 

“People may still want to buy them because they have extrinsic value… people value things for personal reasons. But they don’t have intrinsic value ,” he reiterated . “This morning we have seen another outburst on a cryptocurrency exchange,” he added, referring to the announcement  by leading US crypto lending firm Celsius Network that it froze its services on Monday due to “extreme market conditions.”

Along these lines, Binance, the world’s largest cryptocurrency exchange platform, announced that it has temporarily suspended its clients’ bitcoin withdrawals “due to a stuck transaction causing a delay.”

Bailey has long expressed his doubts about crypto assets. Previously,  she suggested  that financial institutions must also evolve in tandem with technologies and that entities such as the Bank of England should play a key role in regulating digital currencies and their underlying technology. “Sometimes we can get in the way of certain things that we shouldn’t,” she observed.