In October this year, former Chancellor Lord Hammond became a senior advisor at Copper – a British cryptocurrency custody firm that provides infrastructure for the institutional digital asset investment community.
Although he is part of the world of bitcoin and alternative coins, he would not recommend allocating large amounts of funds into the asset class.
He outlined that there are numerous companies and institutions that have entered the cryptocurrency market.
However, the majority of them have only “dipped their toes,” as the industry is still highly volatile.
“But it is dipping a toe – it’s a tiny proportion of their asset base exposed to what is a highly volatile asset class.”
In his view, people should keep in mind that fact and have a small exposure to digital assets describing the investment as “gambling money.”
Moreover, Lord Hammond opined that a large chunk of society sees it closer to “gaming than a serious investment.”
