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EU-Bitcoin Concerns:The Bitcoin Surge Sparks Bubble Warning by Top European Official - by Alexander Weber

The frenzy on virtual-currency markets has prompted the starkest warning yet from the European Union’s financial-services chief, who said that investors are at risk of losing everything.

EU Commissioner Valdis Dombrovskis asked the heads of the EU’s three financial supervisors to update their warnings to consumers “as a matter of urgency” in light of recent market developments, acording to a letter seen by Bloomberg.

“The developments relating to bitcoin and cryptocurrencies in recent weeks require our heightened attention,” Dombrovskis wrote in the letter. “While I acknowledge the important opportunities offered by blockchain technology and its various applications, the current market developments around bitcoin constitute the signs of a pricing bubble, even if -- in terms of global volume -- it remains at the moment within a small share of the financial markets.”

Read more: Bitcoin Surge Sparks Bubble Warning by Top European Official - Bloomberg

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