By Nathan Ferguson
Lord Philip Hammond – the former Chancellor at Exchequer – has cautioned the investors of cryptocurrency by stating that they should be careful while making crypto investments, particularly in Ethereum and Bitcoin. The England-based politician, while responding to a question related to whether a person should or should not invest in cryptocurrencies, mentioned The Mail on Sunday’s Finance Magnates reports.
He added that on being asked such a question from even a close relative, he would focus the attention on the fact that the prominent financial institutions across the world are dipping their toes in this field which means that just a small proportion of their funds is exposed to such an extremely volatile world.
He further stated that the scenario of mainstream investment is unlike the retail investment thus it is not adequate for retail investors because it deals with gambling money. He considers that people should be significantly alert at the time of investing as the majority of people do not bother it and consider it as a game.
Hammond is standing at the border
It is interesting that notwithstanding the comments thereof, in October previously, Hammond secured the post of being the senior advisor under Copper – among the chief England-based providers of digital asset trading and custody infrastructure – which constructs crypto trading instruments for the institutional-based investors. The launch of the venue was carried out in 2018. The valuation of the venue was up to $3B till the recent month following its fundraising of approximately $500M.
To obtain their crypto assets from the hands of cybercriminals, there might be probable for the investors to look towards Copper for help. The role of Hammond is that of an advisor to the firm regarding the strategic issues. He moved on to reveal that an opportunity window is present for London through which further advancement could be brought to the digital asset business thereof.
BoE and crypto
He then asserted that the opportunities related to the latest technology could be grasped and be benefited from as London is even now an influential hub of financial services across the continent of Europe. It is noteworthy that the remarks of Hammond regarding crypto assets have come after the issuance of a warning on the behalf of the BoE (Bank of England) regarding the elevating worth of the crypto market. As per the bank, a danger is posed by digital assets to the United Kingdom’s financial stability.