Bank of France warns on bitcoin speculation

Publish date: Fri, 01 Dec 2017, 03:13 AM

PARIS: Bitcoin is a speculative asset and people who invest in it do so at their own risk, the Bank of France Governor Francois Villeroy de Galhau warned on Friday after recent volatile trading.

"We need to be clear: bitcoin is in no way a currency, or even a cryptocurrency," Villeroy said in remarks made at a conference in Beijing, according to the Bank of France.

"It is a speculative asset. Its value and extreme volatility have no economic basis, and they are nobody's responsibility. The Bank of France reminds those investing in bitcoin that they do so entirely at their own risk," he added.

Bitcoin hovered around US$9,600 in volatile trade on Friday, after tumbling about 15 per cent from an all-time high hit this week as some money managers warned ominously of a bubble and further falls. - REUTERS

Discussions
1 person likes this. Showing 4 of 4 comments

apolloang

remember the word, what goes up must come down.look at all the high flyers in bursa in the 90's mostly end up PN 17. those not high flyers only survive till now

2017-12-01 16:44

Yu_and_Mee

People forget about the painful in Lehman Brothers incident. Now Bitcoin. Who holds the bone?
http://klse.i3investor.com/m/blog/Yu_and_Mee/140137.jsp

2017-12-02 01:32

tecpower

SocGen's Bini Smaghi Says Bitcoin Is a Scam and He Wants Action
https://www.bloomberg.com/news/articles/2017-11-30/socgen-s-bini-smaghi-says-bitcoin-is-a-scam-and-he-wants-action

2017-12-02 18:20

tecpower

This week has been a rollercoaster ride for Bitcoin – and could signal an equally unpredictable future.

What happened this week?
The eight-year-old cryptocurrency has pulled in droves of investors in recent months. But this week it hit record-breaking highs, soaring over $10,000 (£7,493) in value. At the start of 2017 a Bitcoin was worth just $1,000.
And yet within 24 hours of hitting the benchmark it had climbed past $11,000 before losing nearly 20% of its value, to just barely $9,000.
This rollercoaster ride, and resulting headlines, prompted the Bank of England to warn “investors should do their homework” on Bitcoin: some say the currency is peaking and based on nothing but a speculative bubble, while others feel it could have further to rise.
“This week is no different,” says David Yermack, professor of finance and business transformation at New York University. “Bitcoin has always been very volatile. Anybody who invests should have a large amount of risk tolerance.”
http://www.bbc.com/capital/story/20171201-the-wild-week-of-bitcoin

2017-12-02 18:25

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