FCA Trolls Bitcoin

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The British Financial Conduct Authority (FCA) under the conservative government of Boris Johnson has decided to spend their time trolling bitcoin, stating: “There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.” This pathetic statement comes as justification for FCA’s decision to ban stock traded bitcoin products, the first country in the world to do so. “The FCA’s decision means UK based retail investors who want exposure to bitcoin and other cryptoassets will have to manage their own storage, which could increase their risk of losing keys and becoming a victim of cyber-crime,” said Bradley Duke, CEO of crypto firm ETC Group, further adding. “It also removes the ‘safety-net’ for retail investors that is provided by the suitability guidance of investment advisors when assessing the risk appetite and profile of their clients for…

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