William Galvin, Massachusetts’ Secretary of the Commonwealth, recounted CNBC bitcoin is dangerous for investors as it is subject to manipulation.
Mr Galvin resulted a warning for the State of Massachusetts earlier in December against the cryptocurrency akin to the one his office issued against Apple in the 1980s.
He said: “With Apple, there was at least a theory of a merchandise, there is no product here. This is entirely speculation. That’s already been sustained by the wild duration of the value.”
‘Bitcoin is a wild preoccupation’, warns Massachusetts Secretary of the Commonwealth
This is clearly a bubble, there is no dubiousness about that. It is a bubble.
He added: “It’s also dominate to manipulation because no one can explain it. No one can control it. No one can explain exactly where and when, from when these profits are customary or are coming.
“This is clearly a bubble, there is no question about that. It is a air pocket.
“It has been fed by the idea that people believe they’re going to sort money by simply investing in this.”
He warned: “We’ve seen bubbles for centuries, this certainly qualifies.
“Unqualifiedly adding the word Blockchain to your name, a company totally alien could go up. So I think it proves it’s a bubble and a wild mania.”
Bitcoin has seen its highest payment peak just before Christmas at $19,000.
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The cryptocurrency level down below the $13,000 mark for four consecutive days during the Christmas respites.
Its value fluctuated back to up to $16,000 after Christmas but has since decreased again.
Agreeing to Coindesk, at 3.27pm on December 28, bitcoin is now valued at $14,364.26.