Bitcoin ‘not a currency’

CITY watchdog chief Andrew Bailey has flagged “big concern” for retail investors dabbling in products linked to Bitcoin, adding that the highly volatile cryptocurrency is a commodity “not a currency”.

Bitcoin surged to $11,000 (£8,200) just 12 hours after passing the $10,000 mark this week, before plummeting by more than $2,000 amid fears that it is a bubble that could soon burst.

Last night it was trading at $10,899.

“Bitcoin is a commodity in my view, it’s not a currency, it’s not a fiat currency in any sense, it’s a commodity,” Mr Bailey told Bloomberg.

“Commodity prices go up and down.”