Bitcoin’s big bet: Is crypto trading basically gambling?
— Free, Credit, Davis concedes, Thinks, Bitcoins, Missing, Told, Digital finance, Regulators, “ fear — 1 min read
A member of the 2014 Financial System Inquiry panel says buying a cryptocurrency such as Bitcoin is “primarily (if not exclusively) a form of gambling/speculation” He says only cryptos that are clearly acting like financial products should be regulated as such. The Bank for International Settlements last week published research suggesting retail investors may not fully realise the risks of crypto investing, pointing to evidence that new investors in crypto were “chasing past price increases” The biggest group of crypto app users were men aged under 35 - a group known for risk-taking, who could be motivated by a “fear of missing out” -. The extreme volatility of cryptocurrencies puts traditional financial institutions in an interesting position. CBA’s crypto Source