BOSTON—Another government official is expressing official skepticism over cryptocurrencies.
William Galvin, secretary of the Commonwealth of Massachusetts, says Bitcoin is 100% speculation.
Last week Galvin said Bitcoin is “entirely speculation,” and that it does not pass the “smell test,” reported Crypto Currency News.
Galvin expressed his position that there is no “product” when it comes to Bitcoin, adding it has been so volatile because no is able to explain it or control it, according to the publication.
Earlier in December Galvin termed Bitcoin a “worthless product,” providing a number of reasons in support of his position.
“It’s not just Galvin who feels this way. A number of people have come forward calling the virtual currency the new Ponzi scheme, with others saying it is going to drop to $8,000 next year,” Crypto Currency News stated.