Bitcoin boss advises investors to be Cautious

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