Bitcoin 'very risky, very speculative,' Bangko Sentral says

ABS-CBN News

Posted at Jan 04 2018 10:45 AM | Updated as of Jun 28 2019 06:42 PM

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MANILA - Investing in bitcoins can be "very risky" due to large price fluctuations and could result in "huge" losses, the Bangko Sentral ng Pilipinas said.

Bitcoin has surged to record highs last year, attracting more people to invest in digital currencies and prompting regulators worldwide like the BSP to assert their authority over the said instruments.

"The price of bitcoin can change very rapidly, that's why kung madami kang holdings ng bitcoins (if you have a lot of bitcoin holdings), you may be exposed to huge financial losses," said BSP deputy director Melchor Plabasan.

Plabasan said bitcoins as an investment vehicle were "very risky, very speculative" and the public should consider only enough cryptocurrencies for their transaction needs.