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Reminded of Dutch Tulip Craze, ECB’s Makhlouf Won’t Buy Bitcoin

Key Speakers at the Milken Summit Asia
Photographer: Vivek Prakash/Bloomberg

European Central Bank governing council member Gabriel Makhlouf said he wouldn’t buy Bitcoin, comparing investment in the world’s largest cryptocurrency to the 17th century Netherlands tulip craze -- which ended in collapse.

Bitcoin investors need to be prepared to “lose all their money,” Makhlouf said, repeating a warning from last month, though added he’s not advising people whether or not to invest in the digital currency.