William Galvin, Massachusetts politician, Criticizes Bitcoin
William Galvin, a Massachusetts politician and the Secretary of the Commonwealth, has joined the list of people who are criticizing bitcoin. Galvin has actually issued a seven-points warning about the risks of bitcoin. Galvin went to make some very critical comments against bitcoin, calling the cryptocurrency a "disaster."
WilliamGalvin says investors could be caught up in the bitcoin speculation
Galvin's seven points warning is focused on raising concerns on investors being caught up in the "bitcoin speculation." One of the first things that Galvin shared is that bitcoin is similar to a speculative bubble, which will most likely burst. He said that:
“Bitcoin is just the latest in a history of speculative bubbles that most often burst, leaving the average investors with a worthless product. Going back to the 1600s with tulip mania to the present bitcoin craze, chasing the next best thing will, more often than not, end in disaster for the average investor.”
Galvin also wanted to point to the fact that bitcoin has been the target of major hacks. While bitcoin itself has not been hacked, bitcoin exchanges have been targeted by such attacks.
William Galvin also talked about the blockchain, saying that it is still experimental and can be subjected to errors, as well as criminal activity that could lead to important impacts on virtual wallets or bitcoin's value.
Other US states that are known to have expressed a position against bitcoin are Connecticut, Washington, New York, Georgia, Hawaii and New Mexico. For the moment, there is no legislation in Massachusetts against the cryptocurrency.
However, it is important to mention that not all US states are against bitcoin and cryptocurrencies. In fact, New Hampshire has adopted a new law, which aims to encourage bitcoin businesses, exempting bitcoin users from having to be licensed to trade.
