There has been significant publicity in the last few weeks on Bitcoin.
- Janet Yellen, The Federal Reserve Chair commented recently:
“I would simply say that Bitcoin at this time plays a very small role in the payments system, Yellen said. Bitcoin is not a stable store of value, it doesn’t constitute legal tender, and it is a highly speculative asset.”
ASIC backs RBA’s Warning on Bitcoin “speculative mania”
The corporate regulator has backed Reserve Bank Governor Philip Lowe’s warning that the fascination with Bitcoin was “speculative mania”.
The Australian Securities and Investments Commission urged investors not to get “swept up” by hype as the price of the cryptocurrency surged and cautioned against buying something they didn’t understand.
We have been contacted by a number of clients anxious not to lose out on the windfall profits others have made to date.
The below article provides some context which you may use to reflect on before or if you are considering buying Bitcoins.