Andrew Bailey Says Cryptocurrencies Have No Intrinsic Value, Warns UK Investors

Bank of England Governor Andrew Bailey told reporters that cryptocurrencies “have no intrinsic value,” and he added, “Buy them only if you're prepared to lose all your money.”

Bailey made the remarks in response to questions at a press conference about the rise in cryptocurrency prices, as the article notes that digital currencies—from Bitcoin to Dogecoin—have surged “wildly this year.”

Cointelegraph

The same report says Bailey’s comments echoed a similar warning from the UK’s Financial Conduct Authority (FCA), and it frames crypto investing as involving “very high risks with investors' money.”

The article also points to the Bank of England’s work on central bank digital currencies, saying that “the Bank of England launched a joint task force with the Treasury aimed at exploring central bank digital currencies, or CBDCs.”

Robinhood launched the public mainnet of its own blockchain, Robinhood Chain, on Wednesday at an event held at the Old Royal Naval College in London, with the company describing the network as “AI-native and purpose-built for real-world assets.”

The Block reported that Robinhood Chain went live on public mainnet as a Layer 2 built using Arbitrum’s tech stack, and it said eligible users can access “24/7 Stock Token trading on Robinhood Chain.”

FX News Group

Robinhood’s expansion also included Robinhood Earn, a decentralized lending product that lets users lend USDG through a self-custody wallet at an estimated 7% annual percentage yield, and The Block said it is rolling out decentralized USDG lending inside the main Robinhood app.

The Block further said Robinhood updated its wallet to add access to perpetual futures on Lighter in selected jurisdictions, while also widening perpetual futures in Europe beyond crypto for the first time.

Robinhood said it is planning to launch crypto trading in the UK soon, and the company’s push is paired with a broader expansion of perpetual futures in Europe to include commodities, ETFs, and FX markets alongside crypto.

“Robinhood (HOOD) officially launched the public mainnet for Robinhood Chain, marking the company's biggest step yet into onchain financial infrastructure as it looks to expand beyond brokerage services and into decentralized finance”

CoinDesk

FX News Group quoted Johann Kerbrat, SVP and General Manager of Crypto and International at Robinhood, saying, “Decentralized finance unlocks possibilities beyond what traditional finance can offer.”

In the same set of announcements, Robinhood said it is expanding perpetual futures in Europe to let eligible investors trade assets including GOLD, SILVER, QQQ, EUR/USD, WTI, Brent crude oil, and EWY with up to 10x leverage, “24 hours a day, seven days a week.”

The article also says Robinhood’s Stock Tokens are available today on the Robinhood Wallet in more than 120 countries, while availability varies by jurisdiction and Stock Tokens are not available in the U.S. or to U.S. persons.