RATE Group | Bitcoin and other cryptocurrencies ‘have no intrinsic value’, warns City watchdog
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Bitcoin and other cryptocurrencies ‘have no intrinsic value’, warns City watchdog

31 Jul Bitcoin and other cryptocurrencies ‘have no intrinsic value’, warns City watchdog

Posted at 13:09h in Cryptocurrency News by

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Cryptocurrencies such as Bitcoin have “no intrinsic value”, the City regulator has said as it warned potential investors to be cautious.

In a clarification on earlier guidance, which likened crypto investors to “problem gamblers”, the Financial Conduct Authority (FCA) said buyers should “ensure they understand and can bear the risks involved with assets that have no intrinsic value”.

The regulatory body warned this morning that the majority of cryptocurrency investing is unregulated and would not be covered by the Financial Services Compensation Scheme, a lifeboat fund that pays out if some types of investment collapse.

Interest in digital coins soared at the end of 2017 when the price of Bitcoin,…

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