Commonwealth of Massachusetts Secretary: do not invest in Bitcoin

Those who invest in Bitcoin are risking to lose their money, tells William Galvin, Secretary of the Commonwealth of Massachusetts. He views Bitcoin as a speculative instrument rather than a real investment opportunity.

“If you think you understand it and you are in the position to take the risk - you are free to do that,” told William Galvin about investing in this asset class. He does not think those investors who simply heard about Bitcoin and decided to put their money into it just because they thought they are losing time are smart. Bitcoin is a bubble, concludes the Secretary, and reminds that such things already happened.

Before him, the same views were expressed by conservative financial analysts from Wall Street who previously worked only with traditional assets. But not everybody in Wall Street opposes Bitcoin, judging by the fact that recently more cryptocurrencies were added to the Bloomberg Terminal interface.

Bitcoin’s current average price on Coinmarketcap is a bit more than $14,000, which is lesser than $16,000 we have seen yesterday, but still not as concerning for some investors as 11,858 we have seen on 22 December 2017.