Beware who you give your savings to when trading cryptocurrency

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CAPE TOWN – WITH THE Bitcoin and other cryptocurrency prices smashing through all-time highs this year, and the fact that the market is unregulated, it is little wonder that a growing number of scammers are seeking to take advantage of naive investors.

The Bitcoin price went well over $60 000 (about R840 000) in both February 2021 and April 2021 due to events that included Tesla announcing it had acquired $1.5 billion of digital coin, while the listing of the US’s biggest crypto exchange, Coinbase, also fuelled crypto prices.

Crypto currency prices have, however, been volatile of late, after speculation about US government regulation sent the price lower in April. Bitcoin’s price fell to as low as $30.066 on Wednesday, 54 percent below an all time high a month before on news that Tesla would not accept Bitcoin as payment for its vehicles and negative tweets on crypto currencies by Tesla founder Elon Musk as well as after a Chinese government…

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