“They are speculative markets,” he said. “They are not currency. If you have money you really need, do not put it in these markets.”
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Cryptocurrencies have another skeptic at the Federal Reserve.
Speaking to the Hope Global Forum in Atlanta on Tuesday, Atlanta Fed President Raphael Bostic urged attendees to avoid bitcoin and other cryptocurrencies
“Don’t do it,” he said, according to Bloomberg. “They are speculative markets. They are not currency. If you have money you really need, do not put it in these markets.”
Here are the current prices:
- Ethereum plunges to its lowest price of 2018
- AMD will get crushed in the race to be the ultimate chip maker for Ethereum miners, tech analyst says
- Nvidia, which also got a boost from the crypto crazy, is hosting its annual GPU Technology Conference this week
- Companies clamp down on crypto ads as regulators play catch-up
New to Crypto Insider? Business Insider has a ton of articles to get you caught up to speed, including:
- How to buy and sell cryptocurrencies using Coinbase on your iPhone
- Paying taxes on bitcoin isn’t nearly as hard as it sounds
- How to buy Ripple’s XRP cryptocurrencyy
- An ETF veteran who ditched Wall Street for crypto explains how bitcoin can fit into a portfolio
What other questions do you have about crypto? Ask them in Business Insider’s Crypto Insider Facebook group today to discuss with readers from all over the world, as well as BI editorial staff.