ALBUQUERQUE, N.M. — If you’re at all tempted to wade into the world of cryptocurrency investing, the New Mexico Securities Division has some words of warning.
“Cryptocurrencies and investments tied to them are high-risk products with an unproven track record and high price volatility,” Mike Unthank, superintendent of the New Mexico Regulation and Licensing Department, said in a recent advisory. “Combined with a high risk of fraud, investing in cryptocurrencies is not for the faint of heart.”
The value of bitcoin jumped last year from below $1,000 to almost $20,000 in December before falling back to around $9,000 currently.
Cryptocurrencies are a medium of exchange created and stored electronically in blockchain, a distributed public database that keeps a permanent record of digital transactions.