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Regulators warn consumers to be cautious with Bitcoin
Posted By Jeff Belanger On March 21, 2014 @ 8:57 AM In World Wide Web | No Comments
The Washington State Department of Financial Institutions  and the Financial Industry Regulatory Authority  have both issued warnings about Bitcoin.
“As Congress and state and federal regulatory bodies determine whether to or how best to oversee the virtual currency market, it would be wise for consumers to consider the risks of holding virtual currencies for investment or as a currency,” the Washington State bulletin said.
Considering the events of the past year, you can see how regulators would recommend caution. In the past year the price of Bitcoin rose to $1,147 a coin at one point and has since fluctuated drastically. Then there’s the recent Mt. Gox bankruptcy debacle, which saw them losing 850,000 Bitcoins, which is over $520 million, to hackers, before filing for bankruptcy.
“Bitcoin is like any other investment,” said Bill Beatty, who is the securities administrator for Washington State DFI. “You should understand what you’re getting into. If you don’t, or it or it doesn’t make sense to you, then you probably shouldn’t invest.”
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URLs in this post:
 Image: http://dottech.org/wp-content/uploads/2014/03/10307614093_5ec47831f9.jpg
 Washington State Department of Financial Institutions: http://www.dfi.wa.gov/consumers/alerts/bitcoin.htm
 Financial Industry Regulatory Authority: http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/FraudsAndScams/P456458
 CNBC: http://www.cnbc.com/id/101508458
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