Bitcoin Is Gambling
- Bitcoin Is Like Gambling
- Bitcoin Is Gambling Not Investing
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- Is Bitcoin Gambling Illegal
BITCOIN price could take a tumble as Bank of Canada Governor Stephen Poloz claims all cryptocurrencies are not a real “currency”.
Bitcoin Is Like Gambling
Bank of Canada boss Stephen Poloz said bitcoin is not an investment but instead a form of “gambling”.
Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.
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Bitcoin's popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also reap the benefits of the cryptocurrency craze.
But Mr Poloz issued a stark warning to cryptocurrency investors. He said: “A lot of words have been used but I think the main thing is, buyers should be aware it is much closer to gambling than investing.”
I object to the term cryptocurrencies by the way because they are crypto but they are not currencies
Stephen Poloz
Appearing on CNBC, Mr Poloz said: “There’s certainly a lot of hype around those. I object to the term cryptocurrencies by the way because they are crypto but they are not currencies.”
Bitcoin Is Gambling Not Investing
Mr Poloz said is unsure the role of cryptocurrencies are. He said: “They are not assets, really, for the most part. I suppose they are securities, technically.
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“But tax authorities treat them as securities. Because you have to pay tax on a capital gain or loss.”
He said bitcoin has no intrinsic value, therefore it would not be classed as an asset and is instead “speculative or gambling”.
Bitcoin price decreased to $10,445.10 at 12:20 on Friday, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.
Mr Poloz also outlined his plans for the Bank of Canada’s own digital currency. He said: “All the major banks have active research agendas on this.”
Is Bitcoin Gambling Illegal
He said one of the “most important” of bitcoin is its distributor and ledger technology. He said: “That I think is a true piece of genius and it will be applied to many many areas of the economy. Incredible efficiencies. This is truly huge.”
But Mr Poloz said he does not think bitcoin will be part of a digital currency of central banks.