Ireland’s central bank director general for financial conduct is the latest official to point out issues of Bitcoin (BTC) and the cryptocurrency industry following a major market sell-off.
The growing popularity of cryptocurrencies like Bitcoin is “of great concern,” the Central Bank of Ireland’s Derville Rowland warned, Bloomberg reports Monday.
“Crypto assets are quite a speculative, unregulated investment,” and investors should be “really aware they could lose the whole of that investment,” Rowland stated after crypto markets shed nearly $1 trillion in a matter of days in one of the biggest historic crypto sell-offs.
Rowland’s perspective on the crypto is set to contribute to the global regulation of the space as the official will take over as chairwoman of the European Securities and Markets Authority’s investment management standing committee in July. Earlier this year, the financial authority outlined the same concerns around crypto, stating that these types of assets are not regulated and pose significant risks for investors due to its highly