Former Chancellor of UK described crypto as a gambling game

Lord Philip Hammond warned people to invest in crypto-assets and described it as gambling like things. 

However, crypto assets are volatile and the volatility of these assets is a big reason for attraction. Besides these things, many people don’t like crypto assets because of their high volatility. 

In the latest, former Chancellor of the Exchequer, Lord Philip Hammond, shared his point of view on the crypto assets and crypto industry. Hammond said that before investing in crypto assets, people should take extreme care about it.

Through the statement, Hammond indicated that he is not in favour of any of the crypto assets, whether it is Bitcoin or Ethereum. Actually, in reply to a question ” whether to invest or not in Crypto assets”, he stated that 

“If a member of my family was asking me, I think what I’d do is draw their attention to the fact that large and reputable established asset managers are now increasingly dipping their toe. But it is dipping a toe — it’s a tiny proportion of their asset base exposed to what is a highly volatile asset class.” 

Further, Hammond asserted that the crypto industry is not a better option for retail investors. He added:

“It’s almost certainly not suitable for retail investors as a mainstream investment category … It’s gambling money. I think people should be extremely cautious. Many regard them as closer to gaming than serious investing.”

It is interesting to note here that, in October of this year, Hammond joined Copper, one of the major UK-based digital asset custody and trading infrastructure providers. At Copper, Hammond joined as a senior advisor member. 

So here this is strange to see a person, who is already working in a crypto inclined services-based company, but warning people to stay away.

Read also: Cybercriminals spreading Echelon Malware against crypto wallets