Irish Central Bank Governor Warns Crypto Traders To Trade With Caution

Irish Central Bank Governor Warns Crypto Traders To Trade With Caution

Even though trading digital assets is not what it used to be in years before, people still make profits from them. As volatile as the assets are at this present time, more investors are still pushing to join the bandwagon. In what would be described as the dear of missing out, both large-scale and retail investors buy up all the digital assets they can get.

Despite the buying pressure, it is only little that they can change the fact that they could end up losing their funds if they do not trade carefully. Sounding this piece of advice to the crypto community is the Governor of the central bank of Ireland.

Makhlouf mentions stability issues related to trading Bitcoin

These recent comments are coming off the back of the recent move taken by Irish regulators to curb several ills in their country’s sector. In his argument, the Governor of the Irish central bank, Gabriel Makhlouf, mentioned that he is greatly worried by investors who always think they are making the right decision regarding crypto.

He mentioned that while making the decisions that seemed right, they fail to look at the fact that the digital asset is currently suffering from stability issues. He said that even though he has come to accept Bitcoin as an asset, he is still trying to wrap his head around the fact that people choose to invest their funds in digital assets.

“The whole world regards Bitcoin as an asset, and I have come to accept it too, but one thing I’m still troubled about is how they see it as an asset worth investing in,” Makhlouf said. However, the Governor mentioned that what they are concerned about is their job of protecting consumers, and they will make sure they perform it to the fullest.

Bitcoin is trading up despite the previous dip

Makhlouf is not the first person to openly criticize Bitcoin and those who are investing in the asset. Various people have come out to air their negative opinions regarding the asset. One such popular entity is the Governor of the Bank of England, Andrew Bailey, who said that he is still surprised that Bitcoin has any value.

In previous times, Bailey openly told reporters that he would never allow the bank to use any digital asset, including Bitcoin, as a means of payment. Backing up Makhlouf is Augustine Carstens, who mentioned that those who trade in digital assets must always monitor their assets not to lose too much of their money because the assets could break down at any moment.

Bitcoin is presently trading around the $37,000 price mark after the digital asset made a previous bearish run that too it close to $28,000 from its previous all-time high of around $40,000. Most analysts and experts have attributed this recent rally to two things that happened over the weekend. The first of the two events is Tesla CEO Elon Musk adding Bitcoin to his Twitter bio, while the other is the GameStop-related squeeze.