Bitcoin price THREAT: ‘Be prepared to LOSE ALL your money!’ Crypto craze will end BADLY
BITCOIN and other cryptocurrencies like Ripple and ethereum are not a solid investment, the Chairman of the European Securities and Markets Authority has warned.
‘Be prepared to lose all your money’ ESMA chair's bitcoin warning
Bitcoin and the cryptocurrency craze will end badly for investors, Steven Maijoor said.
Speaking to Bloomberg, he warned that cryptocurrencies are “extremely volatile”.
He said: “As a regulator you always need to monitor the financial innovation and apply the right tool at the right moment.
“We have already started to look into blockchain for example, two, three years ago, to see if that could develop under the existing regulatory framework.
Bitcoin price: Investors must be prepared to lose all their money, Maijoor said
They should be prepared to lose all of their money
“We have just done the warning on the ICO and currently we are very well monitoring what it happening with the bitcoin.”
Maijoor added that bitcoin was a currency in name only.
He said: “It is clear that it is called a currency but very important characteristics of currencies aren’t all there.
“It is an extremely volatile value which undermines its use as a currency.
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“It’s also not broadly accepted and people that are investing in this they should be prepared to lose all of their money.
“Then we know that in some cases this attracts people that have less good intentions other eight be fraud or there may be money laundering.”
Bitcoin fell 13.98 percent to $11,686.50 at 13:50 in London, according to CoinDesk.com
Ripple dropped 17.78 percent to $1.38 at 13:49 in London and ethereum was down 14.22 percent to $1,107.06 at 13:49 in London.