During an exclusive interview with Tasnim News Agency, Hakimi said the Iranian government should have definite regulations to oversee the use of cryptocurrencies. Otherwise, a financial disaster could happen.
Risks of investing in Bitcoin
He urged the people to be cautious in buying Bitcoin, citing the legal risks of trading crypto assets and the substantial fluctuation of prices in the absence of a regulated crypto market. It is not the first time that Hakimi sounded the alarm against digital assets. In 2017, he also warned investors to be cautious in purchasing Bitcoin and other cryptocurrencies.
Bitcoin’s 2017 and current rallies
Hakimi again warns against investing in Bitcoin as the flagship cryptocurrency set new records months after the third halving. Unlike in 2017, however, a growing number of big investors are now allocating part of their portfolio for BTC and other digital assets. Established financial companies like PayPal and Fidelity have jumped into the Bitcoin bandwagon. Tesla’s announcement that it bought $1.5 billion in BTC and will accept the cryptocurrency as payment sent waves that led to Bitcoin hitting fresh all-time highs. Wall Street billionaires also publicly support the cryptocurrency, giving confidence to skeptical mainstream investors. Bitcoin supporters believe that, unlike in 2017 when retail speculation drove BTC’s price, institutional buying is now behind the current rally. PwC’s global crypto leader Henri Arslanian also thinks that institutional investors’ entry into the crypto market is partly driving Bitcoin’s bullish run. Featured image via Tasnimnews.com
