{"id":8291,"date":"2019-03-07T17:54:38","date_gmt":"2019-03-07T17:54:38","guid":{"rendered":"http:\/\/www.styledeals.co.uk\/blog\/bitcoin-crypto-investors-think-they-can-get-rich-quick\/"},"modified":"2019-03-07T17:54:38","modified_gmt":"2019-03-07T17:54:38","slug":"bitcoin-crypto-investors-think-they-can-get-rich-quick","status":"publish","type":"post","link":"https:\/\/www.styledeals.co.uk\/blog\/bitcoin-crypto-investors-think-they-can-get-rich-quick\/","title":{"rendered":"Bitcoin: Crypto investors &#8216;think they can get rich quick&#8217;"},"content":{"rendered":"\n<div property=\"articleBody\">\n<figure class=\"media-landscape has-caption full-width lead\"><span class=\"image-and-copyright-container\"><\/p>\n<p>                <img loading=\"lazy\" decoding=\"async\" class=\"js-image-replace\" alt=\"Mock-up of trading screen showing crypto prices\" src=\"https:\/\/ichef.bbci.co.uk\/news\/320\/cpsprodpb\/1110B\/production\/_103099896_gettyimages-892807662.jpg\" width=\"976\" height=\"549\"\/><span class=\"off-screen\">Image copyright<\/span><br \/>\n                 <span class=\"story-image-copyright\">Getty Images<\/span><\/p>\n<p>            <\/span><figcaption class=\"media-caption\"><span class=\"off-screen\">Image caption<\/span><br \/>\n                <span class=\"media-caption__text\"><br \/>\n                    Cryptocurrencies&#8217; trading prices have been extremely volatile<br \/>\n                <\/span><br \/>\n            <\/figcaption><\/figure>\n<p class=\"story-body__introduction\">Investors influenced by friends and social media celebrities are buying Bitcoin and other cryptoassets in an attempt to &#8220;get rich quick&#8221;.<\/p>\n<p>But many are putting in their money, with no protection against losses, without fully understanding what they are doing.<\/p>\n<p>The findings are in research published by the Financial Conduct Authority.<\/p>\n<p>Huge volatility has led to warnings about investing in crypto. One industry group has called for regulation. <\/p>\n<figure class=\"media-with-caption\">\n<div class=\"player-with-placeholder\">\n            <img decoding=\"async\" class=\"media-placeholder player-with-placeholder__image narrative-video-placeholder\" src=\"https:\/\/ichef.bbci.co.uk\/images\/ic\/720x405\/p05xv17r.jpg\"\/><\/p>\n<p>Media playback is unsupported on your device<\/p>\n<\/p><\/div><figcaption class=\"media-with-caption__caption\"><span class=\"off-screen\">Media caption<\/span>Bitcoin explained: How do cryptocurrencies work?<\/figcaption><\/figure>\n<p>A heavily-promoted industry in cryptoassets has built up in recent years, with Bitcoin the most popular. <\/p>\n<p>Despite the hype, very few people actually put their money into this kind of unregulated investment, according to the Financial Conduct Authority&#8217;s research. Its findings suggested:<\/p>\n<ul class=\"story-body__unordered-list\">\n<li class=\"story-body__list-item\">Only 3% of those asked in the FCA&#8217;s survey had ever bought cryptocurrency such as Bitcoin<\/li>\n<li class=\"story-body__list-item\">Those who do buy cryptocurrency tend to spend less than \u00a3200<\/li>\n<li class=\"story-body__list-item\">Just one in 100 people who have not done so said they would in the future<\/li>\n<li class=\"story-body__list-item\">Cryptocurrency is primarily understood by men aged 20 to 44, but 73% of all those asked said they could not define it<\/li>\n<\/ul>\n<p>&#8220;Despite this lack of understanding, the cryptoasset owners interviewed were often looking for ways to &#8216;get rich quick&#8217; citing friends, acquaintances and social media influencers as key motivations for buying cryptoassets,&#8221; the FCA said.<\/p>\n<p>Huge volatility in these investments have led to warnings across the world of the risks involved.<\/p>\n<p>&#8220;Cryptoassets are complex, volatile products &#8211; consumers investing in them should be prepared to lose all of their money,&#8221; said Christopher Woolard, of the FCA.<\/p>\n<p>However, the FCA concluded that &#8211; with relatively small sums involved &#8211; the overall scale of harm from volatility in value might not have been as high as previously feared.<\/p>\n<h2 class=\"story-body__crosshead\">&#8216;Wild West&#8217; <\/h2>\n<p>Owing to the lack of regulation, there is no compensation or protection for investors if things go wrong.<\/p>\n<p>Last year, the Treasury Committee of MPs said that Bitcoin and other digital currencies were a &#8220;Wild West industry&#8221; which needed to be regulated to protect investors.<\/p>\n<p>It said that risks of hacking and money-laundering were also concerns.<\/p>\n<p>CryptoUK, which was set up last year as a self-regulatory body for the crypto-currency industry, agreed that there should be official oversight.<\/p>\n<p>&#8220;CryptoUK has consistently argued that cryptocurrency investment should be regulated in the UK, to provide greater certainty and to adequately protect consumers,&#8221; said Iqbal Gandham, who chairs the group. <\/p>\n<p>&#8220;We are pleased that the government agrees with our approach, and are actively working alongside the FCA and Treasury to help deliver a proportionate and well-designed UK regulatory regime which matches the best of other jurisdictions across the globe.&#8221;<\/p>\n<\/p><\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.co.uk\/news\/business-47483068\">Source<\/a> by <a href=\"\">[author_name]<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images Image caption Cryptocurrencies&#8217; trading prices have been extremely volatile Investors influenced by friends and social media celebrities are buying Bitcoin and other cryptoassets in an attempt to &#8220;get rich quick&#8221;. But many are putting in their money, with no protection against losses, without fully understanding what they are doing. The findings &hellip; <\/p>\n","protected":false},"author":0,"featured_media":8292,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/8291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=8291"}],"version-history":[{"count":0,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/posts\/8291\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media\/8292"}],"wp:attachment":[{"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=8291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=8291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.styledeals.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=8291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}