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.

“Personally, I wouldn’t put my money into it, but clearly, some people think it’s a good bet,” Makhlouf, who is also governor of Ireland’s central bank, said on Tuesday at a webinar in Dublin. He said while some view Bitcoin an investment, “three hundred years ago, people put money into tulips because they thought it was an investment.”

Bitcoin Jumps to $50,000 as Record-Breaking Rally Accelerates

The token blew through another milestone, surging past $50,000 for the first time on Tuesday, and is up more than 70% this year, as the cryptocurrency continues to captivate investors worldwide.

Bitcoin’s ascent has been buoyed by high-profile endorsements, including a $1.5 billion purchase disclosed by Tesla Inc. earlier this month. Yet a debate continues about the token’s intrinsic value amid warnings that cryptocurrencies remain highly speculative.

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