The involvement of cryptocurrency with illegal transactions is nothing new. Ever since the ecosystem came into being, cybercriminals and financial criminals have used it for a range of illegal activities. From trading sensitive information in return for cryptocurrency to launching ransomware attacks, the relationship between crime and cryptocurrency goes a long way back. Now Andrew Bailey, the governor of the Bank of England, has issued a statement about the problem of criminal cryptocurrency activities. Bailey made these comments at an online Q&A session hosted by the British Central bank when asked about the same. In a rather extreme comment, Andrew Bailey said that one should invest in crypto only if they are ready to lose all their money.
While his comments do have some merit, they are hugely polarizing. Crypto experts believe that cryptocurrency has good potential to be a moderately volatile investment instrument, and is already so in many aspects. Saying something like it will definitely lose you all your money amounts to giving an uninformed statement. Such comments emerge first from a place of fear and then from a place of unawareness. Institutional authoritarian figures have always been against the idea of crypto. Part of the reason is the intrinsically decentralized nature of the ecosystem. Such views on public forums can make people lose trust in digital assets, which would in turn be a loss for any country