Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

As the price of Bitcoin hit $57,700, the Bank of England deputy governor Sir Jon Cunliffe said Cryptocurrencies need regulation as a "matter of urgency". Crypto technologies do not pose a risk to financial stability at the moment, but there are "very good reasons" to think that this might not be the case for much longer, Sir Jon said in a speech. A future collapse in the price of cryptocurrency could spread through markets, he warned. A severe fall in the value of crypto-assets - for example, to zero - could force investors who have taken on debt with brokers to have to find cash or sell other assets to pay them. In the past year, crypto-assets have grown around 200% in value from just under $800bn (£580bn) to $2.3tn (£1.7tn). While this is relatively small in the context of the $250tn global financial system, the 2008 financial crisis was triggered by the sub-prime sector which was valued then at $1.2tn, Sir John said. Most crypto-assets, such as Bitcoin, are not backed up in the real world by assets or comm