Former U.K. chancellor of the exchequer Lord Hammond is certainly not a crypto proponent after warning about investing in it.
In an interview with the British daily Daily Mail, Hammond called cryptocurrencies “gambling money” and “people should be extremely cautious” when investing in them. He said:
“It’s almost certainly not suitable for retail investors as a mainstream investment category. I know plenty of people who have a small exposure to crypto-assets but it is money they’ve written off.”
Lord Philip Hammond served as the chancellor of the exchequer from 2016 to 2019 and as the foreign secretary from 2014 to 2016 in the UK Cabinet. His comments are in stark contrast to his position as a crypto advisor at crypto firm Copper. However, he added that the blockchain and other DL technologies will encircle the financial sector later on.
“My job with Copper is to raise the profile of this debate, make sure people are aware that there’s a huge opportunity here,” Hammond noted during the interview.
