CRYPTOCURRENCIES LATEST NEWS: Bitcoin cannot be explained and can not be controlled

Behind the bitcoin is nothing but speculation and manipulation, I'm sure the Secretary of State of Massachusetts, William Galvin. To warn potential investors, the official published several reasons to doubt the cryptocurrency. This is the first recommendation for bitcoin investors, issued on behalf of regional authorities in the United States.

Secretary of State of Massachusetts William Galvin believes that the speculative character of bitcoin manifested itself during a period of significant fluctuations in the rate. "There is no product here. This is pure speculation. And manipulation, because no one can explain bitcoin and no one can control it, "Galvin told CNBC.

The Secretary of State published a document in which he gave seven recommendations for potential crypto-currency investors. Galvin noted that bitcoin does not have the support of the US government or the central bank, and crypto tics do not work by the same rules as those in traditional banks. "Using such wallets can lead to irreparable financial losses," the Secretary of State stressed. "Specify with tokens only if it does not seriously damage your budget," he added.

Galvin also cautioned against the risks associated with blockade technology. "Bitcoin and other crypto-currencies are based on the public registry, known as" block ". The technology is still considered experimental, so it can change, be erroneous and used for criminal activity, "Galvin said.

Earlier, Chairman of the US Securities and Exchange Commission Jay Clayton published a statement on the dangers of investing in crypto-currencies and ICO. Last week, the Agency for the Regulation of Financial Institutions provided its warning. "In press releases, e-mails, telemarketing calls, publications on sites and in social networks, there are forecasts of possible profits and other bold statements. Do not let them fool you. It is possible that fraud is conducted according to the scheme of pumping and discharge, "the regulator warned.