Published On: Wed, Feb 14th, 2018

European Supervisory Authorities (ESAs) Issue Warning in Regard to Buying Cryptocurrency

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The European Supervisory Authorities (ESAs) have issued a press release alerting consumers to the risks associated with buying cryptocurrency. The release follows previous statements issued that warned investors of the risks associated with participating in ICOs and trading digital assets. 
Lack of Regulation and a ‘Pricing Bubble’

Just yesterday, the ESAs issued a statement to consumers, warning them of the risks associated with cryptocurrency due to their non-regulated status. Their main concern for investors deals with the potential for a cryptocurrency exchange to be hacked or shut down, and the inability for the government to cover the associated losses.
For example, if a VC exchange goes out of business or consumers have their money stolen because their VC account is subject to a cyber-attack; there is no EU law that would cover their losses.
Another concern posited by the release is the ‘clear sign’ of cryptocurrency being in a pricing bubble. The release was most likely influenced by the recent price correction initiated in mid-December during the media frenzy and on-ramping of plenty of retail investors. After hitting a low of slightly under $6,500, Bitcoin has since recovered to the mid $8000s range and is …

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