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Financial Press
key-words:-‘prepare-to-lose-all-your-money’-—-regulator’s-blunt-warning-on-bitcoin-and-other-cryptocurrencies
key-words:-‘prepare-to-lose-all-your-money’-—-regulator’s-blunt-warning-on-bitcoin-and-other-cryptocurrencies

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Key Words: ‘Prepare to lose all your money’ — regulator’s blunt warning on bitcoin and other cryptocurrencies

Key Words


Bitcoin over the last 12 months has gained 330%.


Dan Kitwood/Getty Images

The U.K.’s financial regulator on Monday issued a very blunt warning about the rise of bitcoin and other cryptocurrencies.


“If consumers invest in these types of product, they should be prepared to lose all their money.”


— U.K. Financial Conduct Authority

The warning was prompted by firms “offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns,” the Financial Conduct Authority said.

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The regulator said it had five concerns: Consumer protection, price volatility, product complexity, charges and fees, and marketing materials. “There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market,” the regulator said.

The market cap of bitcoin and other cryptocurrencies topped $1 trillion last week, according to CoinDesk. Bitcoin
BTCUSD,
-7.96%

over the last 12 months has gained 330%.

Bitcoin, ethereum
ETHUSD,
-13.63%

and other cryptocurrencies tumbled on Monday, with double-digit percentage declines.

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