Bitcoin is a ‘high-risk’ speculation tool, say Saudi finance experts

RIYADH: Bankers and economists have warned of the “significant risks” in Bitcoin trading, despite the digital currency’s recent headline-grabbing valuations. Introduced in 2008, Bitcoin surged to a record high on Jan. 8 of $41,530, before retreating to $35,529 on Jan. 20. Fadhel Al-Buainain, a former Saudi banker, told Arab News that Bitcoin is a first-class speculation tool without any support from cash reserves or economic superpowers, in contrast to the valuation mechanism of currencies like the dollar, the euro and...