The British politician has allegedly advised investors to be “extremely cautious” when investing in cryptocurrencies such as Bitcoin and Ethereum. Indeed, in response to a question on whether or not one should invest in cryptocurrencies Hammond replied, Finance Magnates reports citing The Mail on Sunday: He added:
Hammond is sitting on the fence
Interestingly, despite the comments back in October, the former Chancellor became a senior adviser at Copper, one of the major UK-based digital asset custody and trading infrastructure providers, which builds cryptocurrency trading tools for institutional investors. The firm was launched in 2018 and was valued at $3 billion last month after raising $500 million in a fundraising round. In order to secure their cryptocurrency assets from cybercriminals, investors may turn to Copper for assistance. Hammond’s role is to advise the company on strategic matters and promote the United Kingdom as a digital asset powerhouse. Mr. Hammond said that there is a “window of opportunity” for London to develop its digital currency business following Brexit swiftly. He said: Notably, Hammond’s views on cryptocurrency assets came not long after the Bank of England (BoE) issued a warning about the soaring value of the cryptocurrency market. According to the BoE, digital assets pose a danger to the financial stability of the United Kingdom.
