BRITS have been warned that they risk losing ALL of their money if they invest in bitcoin and other cryptocurrencies. The financial watchdog flagged the risks after the price of bitcoin rocketed to record levels in recent weeks. The Financial Conduct Authority (FCA) said people need to be aware of the risks, ranging from prices going up and down suddenly, to the lack of protection if something goes wrong. Bitcoin, the most well known cryptocurrency, soared to new highs over the festive period . The price of bitcoin doubled in less than a month, reaching $40,000 (£29,650) but has since tumbled and is currently worth $35,522 (£26,316). Investors have flocked to buy bitcoin and other cryptocurrencies in the search for better returns at a time of record low savings rates . Investments in cryptocurrencies like bitcoin, as well as financial products related to them, often promise high returns but “generally involves taking very high risks with investors' money” the FCA said. “If consumers invest in these types of product, they should be prepared to lose all their money,” the financial regulator said. 5 risks of crypto investments THE Financial Conduct Authority (FCA) which creates the rules for the banking industry… Read full this story
- Massive $660mn cryptocurrency fraud under investigation in Ho Chi Minh City
- Vietnam calls for tougher measures on cryptocurrency deals amid alleged scam
- Last Week Tonight Enlists Keegan-Michael Key to Help You Finally Understand Cryptocurrencies
- 'Invest in Bitcoin? I built a cryptocurrency mining factory in my bedroom instead'
- Texas regulators move to shut down Houston cryptocurrency site
- Texas regulators move to shut down cryptocurrency site
- Thailand to issue rules on cryptocurrency by end-June: SEC chief
- G20 bankers warned over digital coins like Libra
- Cathay Pacific data breach – passengers warned after 9.4m have details stolen
- Local banks warn of online fraud
Brits warned over Bitcoin and cryptocurrency investment risks have 289 words, post on www.thesun.co.uk at January 11, 2021. This is cached page on Europe Breaking News. If you want remove this page, please contact us.