Martin Lewis has given his views on whether you should put money into Bitcoin or not, as the digital currency hit new all time highs.
The currency just hit new peaks of almost Â£30,000 a coin – more than double its previous high point two years ago and a hundred times more than it cost five years ago.
Responding to a viewer of ITV’s Martin Lewis Money Show show who asked his thoughts on the crypotcurrency, he gave a mini-lowdown on it.
“Bitcoin is set up as a non-governmental form of currency. So you’re supposed to be able to spend it,” Martin said.
“But I suppose you’re thinking of this an an investment rather than to spend it as the price has gone up.
“Which is what most people are looking at.”
He added: “First of all, is it safe? Well some people have lost money in their wallets, like gold could be stolen.
“Cryptocurrency is a bit like an equivalent of gold, it’s a store of value.”
But he had a major warning too – because just like in the days of the American gold rush, there are bandits about too.
“You have to be very careful – you’ll have seen adverts with me in for Bitcoin, or Bitcoin trader,” Marin said.
“They are not Bitcoin. They ares cams. Don’t touch them – you see my face in an advert, it’s not true.
“Be incredibly careful to do your research and go for a legitimate source if you want your Bitcoin.”
But what about if you invest safely?
“As to whether it’s any good? I don’t talk about investing,” Martin said.
“The thing about investing, and Bitcoin is an investment, prices go up and they go down.
“With Bitcoin they go UP and they go Down .”
“And the reason for stressing that so much is that, if you’re going to put your money in Alex, you may make a fortune, you may lose a fortune,” he told the viewer.
“So if you can’t afford to lose the money you put in, do not invest in it,” Martin said.
“It’s a gamble like all forms of stocks and shares, like all forms of investment, and putting money in gold.
“That’s your choice, but if you do it the right way, the investment should work for you – that doesn’t mean you won’t lose money though.”