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FCA warns on bitcoin speculation

Cryptocurrency buyers “should be prepared to lose all their money”, says watchdog
FCA warns on bitcoin speculation
  • UK watchdog warns consumers of potential losses from cryptoassets
  • Move comes amid heavy marketing campaigns and a surging bitcoin price

“If you’re seeing bitcoin on a bus, it’s time to buy,” says a billboard on the side of the 189 to Marble Arch. So runs one of the lines in a heavily promoted marketing campaign from Luno, a platform that lets individuals buy, sell and trade cryptocurrencies including bitcoin.

In recent weeks, similar advertising messages from the company and its rivals have adorned much of London’s public transport network, just as manic cryptocurrency buying pushed the price of bitcoin to a record £30,000, a threefold rise since October. A sharp drop this past weekend saw that correct to £24,000, in another sign of the crypto-market’s volatility.

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