Former UK Prime Minister: Beware of Crypto Gambling

Former UK Prime Minister Lord Hammond has urged investors to be “extremely cautious” when investing in cryptocurrencies, including Bitcoin and Ether.

Lord Hammond is currently the UK Cabinet Secretary and has held the following positions: Secretary of Defense (2011-2014), Secretary of State (2014-2016) and Prime Minister (2016-2019). He moved into the House of Representatives last July.

In an interview with The Mail on Sunday (December 26th), Hammond commented on whether to invest in cryptocurrencies like Bitcoin.

“When a member of my family asks me, I think I want them to know that the big and reputable asset managers are now increasingly entering the field. But they’re just trying to see if it works – it’s a very small percentage of the asset base they’re exposed to this type of high volatility. ”

“It’s almost certainly not suitable for retail investors as a mainstream portfolio … It’s a game of chance. I think people should be very careful. Many consider them to be games rather than serious investments. I know a lot of people are a little exposed to crypto assets, but that is money they are willing to lose. ”

Despite his warning about crypto investing, Hammond has been in a senior advisory role since October at firm Copper, valued at $ 3 billion last month, providing basic infrastructure for institutional clients including traders, asset managers and private banks digital assets, crypto funds and home office.

The former prime minister stressed that he would not join a company focused on crypto investing. However, he noted that distributed ledger technology “will finally embrace the entirety of what we currently consider financial services. My job at Copper is to raise the bar in this debate and make sure everyone is aware that there is a huge opportunity here. ”

“We can take advantage of the opportunities offered by new technologies and benefit from the fact that London is still the dominant financial services center in Europe,” concluded Hammond.

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