Bitcoin: be prepared to lose all your money, FCA warns consumers

Regulator cautions public over risk of products promising high returns from cryptoassets

Consumers should be prepared to lose all their money if they invest in schemes promising high returns from digital currencies such as bitcoin, a City watchdog has warned.

The volatile nature of cryptoassets was highlighted again on Monday as bitcoin dropped 28% from Friday's record high of $42,000, having doubled its value in less than a month. Despite the day's decline to $30,200, bitcoin is still only at its lowest level since the first day of the new year.