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3 minutes agoWarning for Bitcoin: The Price Moves Hard
Periskopi(8 years ago)
(8 years ago)Sharp price extensions in Bitcoin have continued on Christmas days, and warning voices for investing in controversial digital currency are growing. Israel's Finance Market Authority (ISA) now wants to impose a ban on Tel Aviv stock companies doing business with cyber currency as [...]
Israeli Finance Market Authority (ISA) now wants to impose a ban on Tel Aviv stock companies doing business with cyber currency like Bitcoin.
These are very speculating transactions with the possibility of total loss”, said Finance Supervisory Authority President Bafin, Felix Hufeld. Hufeld therefore recommends caution. An investor must know “in the worst case he could lose all his money”. The head of the Federal Financial Supervisory Authority (Buffin) announced that his authority should be “standing near the top”, but also spoke of a major task of learning. “We are all in the process of understanding this area and building knowledge. ”
As long as there are no regulations, we will make sure that companies, whose business model is based mainly on cyber currencies, cannot go public”, Israeli watchdog chief Schmuel Houser said, according to a report by the Calcalist business paper. The listed companies should now undergo a trade ban “until we find a suitable regulatory framework”. Hauser, who spoke at a business conference Monday, warned against dangerous price fluctuations. “Public has no protection when investing in digital currency, broadcasts news.net.
The German bank even denies the character of money originally created as a payment tool in digital currency. “We see a fast performance, which holds the risk of rapid loss”, said Bundesbank CEO Carl-Ludwig Thiele. Because of high value fluctuations, the digital currency is not appropriate for the preservation of value. “The expensive and inefficient transmission system of Blockchain also speaks against adaptability as payment tool. ”
Dangerous
Also, the economic approach Christoph Schmidt warned against the dangers of cryptous coins. “At least these are very speculating businesses”, Schmidt said at “Rheinsche Post” (Saturday edition). “This is not a concern as long as investors can maintain the risks resulting from their resources. ”
Two big American exchanges have now begun to come to Bitcoin so that cryptose currency has come into the classic financial world. Since the beginning of the year, Bitcoin, which trades on platforms, has grown massively: from around $1000 ($843.67) to nearly 20,000, reaching $11,000 just before Christmas, on the second day of Christmas on numerous platforms but still to increase more than $15,000.
The higher the price, the more the voices of politics and central banks announced. In recent days politicians and economists have called for Bitcoin adjustment. Only recently, Bundesbank President Jens Weidmann described the term “digital currency” as deceptive: “A payment tool must have a value stability, these qualities are missing from Bitcoin”.
