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| Bitcoin Foundation’s Llew Claasen |
Head of the Bitcoin Foundation, Llew Claasen, has urged people to invest “no more than they can afford” in the crypto-currency.
He was speaking at the TEDGlobal conference in Tanzania about the potential for Bitcoin in Africa. The digital currency offers people a chance to protect their savings from government abuse of monetary policy.
Bitcoin Foundation is a non-profit organisation that promotes the use of Bitcoin around the world. Like other crypto-currencies, it relies on a digital technology called the blockchain – a decentralised digital ledger that records every transaction.
Mr Claasen admitted that, in its current form, Bitcoin was not great as an alternative to cash but sounded a note of caution, urging people not to invest “more than they can afford”.
“To be honest Bitcoin is not a great form of cash right now. Don’t think of it as cash, think of it as a digital form of gold that enables you to save outside of the current financial climate,” he said.
PICTURE: TED
