The spectacular surge in Bitcoin's price and the growing adoption by the mainstream financial industry, including legacy establishments such as Visa, MasterCard and BNY Mellon, has had investors rushing to crypto exchanges to grab a piece of the digital currency action.
While the stratospheric rise in Bitcoin prices and wild media headlines have whipped up a Fomo frenzy, the fundamentals of investing haven’t changed. The same investing rules and due diligence apply to Bitcoin as any other asset class.
If anything, a slew of factors makes Bitcoin a far riskier investment than the traditional alternatives. Investors would do well to become familiar with some of the most significant issues in the wild and woolly world of cryptocurrencies.
Here are some key Bitcoin risks to weigh whether you’re considering wading in for the first time or have already placed your Bitcoin bets.
Price volatility risk
The price of Bitcoin is prone to wild swings. The market is extremely sensitive to news and new developments, which causes frequent and volatile upswings and downdrafts in the digital currency's price. “Bitcoin is likely to remain very sensitive to shifts in global interest rates, especially US interest rates, as well as to the broader dollar exchange rate,” Arnab Das, global market strategist at Invesco, says.
Furthermore, Bitcoin sees little use as its stated purpose – a transactional currency. "The price volatility makes it harder to be used to buy and sell goods," Kristoffer Inton, an equity analyst at Morningstar, says. Mr Inton uses the example of the man who bought a couple of pizzas with 10,000 Bitcoins in 2010. "At today's prices, those pizzas cost him millions of dollars," he says.
Loss of demand risk
As a relatively new product and technology, Bitcoin may be some way from widespread acceptance. The demand and usage of Bitcoin are beholden to the underlying technology. That technology needs to first get to a place where it can be trusted by large risk-averse retail investors and other institutions, New York-based financial analyst, Mitchell Yousem, says.
“Right now, real time technology and infrastructure is a bit lagging and there have been issues not even associated with crypto or BTC,” he says, referring to instances when digital banks and trading platforms couldn’t handle incremental increases in transaction volumes.
The lack of a major use other than investment further adds to the coin’s volatility. “Gold is an investment asset, but it also has strong underlying demand in jewellery,” Mr Inton says.
“If you invest in gold, you know there’s going to be a buyer at some price, [but] it’s hard to say the same thing about Bitcoin since it’s not being used for anything else, other than maybe NFTs.”
On the other hand, Bitcoin is far too volatile to serve as a medium of exchange or a store of value to any meaningful degree, thus it’s not used widely enough in exchanges, Mr Das points out.
Cyber security risk
Attacks from hackers have caused millions of dollars worth of losses in stolen digital tokens, including Bitcoin. As events like Mt Gox revealed, cyber security is a real risk associated with Bitcoin.
The Tokyo-based Bitcoin exchange was the target of a multimillion-dollar theft that exposed the risk inherent in the unprotected digital wilderness. “Lots of coins were lost or stolen, and there isn’t much an investor can do to rectify it,” Mr Inton says. “An asset built around anonymity like Bitcoin makes it particularly attractive for cyber attacks.”
Established payments systems and accounts benefit from extensive experience in avoiding attacks and fraud. Unlike these institutions, “cyber warfare or cyber terrorism on the Bitcoin network, or other private cryptocurrency networks, are a major risk”, Mr Das says.
Regulatory risk
Increased regulation of Bitcoin could have implications for the future use of the digital currency. "Indeed, some countries have already outlawed Bitcoin, notably China," Mr Das says. India is in the process of restricting its use with some outright bans.
“Restrictions in two of the world’s largest money systems in emerging markets, along with restrictions in the world’s deepest financial systems in high-income economies is likely to prevent mainstream use of Bitcoin to replace conventional moneys,” Mr Das cautions.
Western economies are feeling their way to regulating Bitcoin and other cryptocurrencies as commodities or assets rather than money. At present, regulators in the US and Canada treat Bitcoin as a commodity, while the European Union, Russia and Japan regard it as a currency.
In fact, some countries – namely Russia and Iran – are circumventing US-imposed dollar financial sanctions by turning to Bitcoin to avoid the dollar payments system. The same goes for individuals seeking to avoid regulatory and tax nets of governments. “These risks of Bitcoin usage are probably a major reason why [entities that are] subject to ‘know-your-client’ or ‘anti-money-laundering’ rules are unlikely to accept Bitcoin as freely as they do other forms of electronic funds transfer or payments,” Mr Das says.
Transaction fees risk
All Bitcoin transactions must be verified by Bitcoin miners who collect fees for each confirmation. If miners can manage to collude and demand higher transaction fees, they could dampen the attractiveness of the Bitcoin network for users.
“The risk of untransparent pricing or other techniques is a risk in many types of asset markets and has also figured in transaction costs for many types of exchanges of money – for example, retail cross-border transfers affecting remittances by migrant workers, or simple tourist/retail foreign exchange transactions,” Mr Das says.
Right now, real time technology and infrastructure is a bit lagging and there have been issues not even associated with crypto or BTC
A lack of competition, lax or no regulation, and a captive client base can conspire to be a real challenge. “Bitcoin users need to factor in these risks, which have been realities for generations in other non-policed corners of the global financial system,” he notes.
The internet risk
From mining to transfers and transactions, cryptocurrencies are heavily reliant on internet connectivity. Both buyers and sellers of goods and services that trade using Bitcoin access the digital currency blockchain via the internet. The entire cryptocurrency system, therefore, is exclusively reliant on seamless internet connectivity.
“Bitcoin shares the risk of exposure to the internet with virtually every other financial or payments system these days,” Mr Das says. However, he stresses that while traditional systems can – and do – have an analogue back-up, Bitcoin, almost by definition, cannot offer that security.
That users opt into that uncertainty, armed with full or sufficient knowledge of the consequences of cyber terrorism, is “presumably because they want other perceived benefits such as anonymity and a veil with the tax or other official authorities”, Mr Das says.
Ownership concentration risk
Approximately 20 per cent of Bitcoin is currently being held by 115 Bitcoin wallets. A large holder can have an outsized impact on the coin’s price. This renders small investors vulnerable to wild price movements, should one of these top holders decide to liquidate their position.
“This is a huge unknown,” says Mr Yousem, who works at a $10 billion long/short equity hedge fund in New York City. “If a couple of those guys fully liquidated, it would crash, and fast – this is definitely a risk to consider.”
There’s also risk of general market manipulation. In the absence of regulatory oversight, there is no mechanism in place to “limit the activities of these big holders like there is in stocks or assets traded on regulated exchanged”, Mr Inton says.
To compound the issue, it could all be owned by one person who has the ability to pull the trigger, since one wallet does not necessarily mean one unique holder, Mr Yousem says. “This adds another layer of risk on BTC, but does not apply to all crypto currencies, current and future,” he says.
Transfer error risk
Bitcoin transfers are irreversible. An erroneous transfer – whether accidental or resulting from a foul play – can cause a significant and irreversible loss. There have been instances where a user accidentally transferred incorrect amounts or to an unintended recipient and was unable to recover the lost Bitcoin.
The price volatility makes it harder to be used to buy and sell goods
“There are limitations and downsides to retail consumers,” Mr Yousem says. “If you wanted to scare those people away, it’s definitely with the loss of private keys or unintentional transactions since there is no central authority.”
While there is transaction fee and execution risk associated with most securities, Mr Yousem says it’s certainly a different beast with Bitcoin.
Loss of private keys risk
A user requires certain numerical codes, known as private keys, to access Bitcoin. The loss or destruction of these codes could prevent the owner from accessing their Bitcoin. Many Bitcoin owners were horrified to find the loss of these private keys could be irreversible and carry a substantial financial cost.
“Bitcoin users are subject to a variety of specific risks that are more immediate and potentially with much greater downside, including loss of private keys, than conventional moneys,” Mr Das says.
Arguably, some Bitcoin worshippers are aware of these risks but accept them in exchange for anonymity or avoidance of authorities. “That said, this aspect of Bitcoin risk should be distinguished from the price volatility risk or potential for capital gains when used as a speculative investment vehicle [as opposed to a transaction or payment vehicle,” Mr Das adds.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Long Shot
Director: Jonathan Levine
Starring: Charlize Theron, Seth Rogan
Four stars
INDIA'S%20TOP%20INFLUENCERS
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MATCH INFO
Newcastle United 1 (Carroll 82')
Leicester City 2 (Maddison 55', Tielemans 72')
Man of the match James Maddison (Leicester)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20profile
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Women%E2%80%99s%20Asia%20Cup
%3Cp%3ESylhet%2C%20Bangladesh%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20results%3C%2Fstrong%3E%3Cbr%3ELost%20to%20Sri%20Lanka%20by%2011%20runs%3Cbr%3E%3Cbr%3E%3Cstrong%3EUAE%20fixtures%3C%2Fstrong%3E%3Cbr%3ETue%20Oct%204%2C%20v%20India%3Cbr%3EWed%20Oct%205%2C%20v%20Malaysia%3Cbr%3EFri%20Oct%207%2C%20v%20Thailand%3Cbr%3ESun%20Oct%209%2C%20v%20Pakistan%3Cbr%3ETue%20Oct%2011%2C%20v%20Bangladesh%3C%2Fp%3E%0A
Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
%3Cp%3E%3Cstrong%3EWest%20Asia%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Bahrain%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Jebel%20Ali%20Dragons%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%201%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Sharks%0D%3Cbr%3ERunners%20up%3A%20Abu%20Dhabi%20Harlequins%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%202%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%20III%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Sharks%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDubai%20Sevens%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%3C%2Fp%3E%0A
Mohammed bin Zayed Majlis
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE currency: the story behind the money in your pockets
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Killing of Qassem Suleimani
Killing of Qassem Suleimani
THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
The%20Crown%20season%205
%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EImelda%20Staunton%2C%20Jonathan%20Pryce%2C%20Lesley%20Manville%2C%20Jonny%20Lee%20Miller%2C%20Dominic%20West%2C%20Elizabeth%20Debicki%2C%20Salim%20Daw%20and%20Khalid%20Abdalla%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWritten%20by%3A%20%3C%2Fstrong%3EPeter%20Morgan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%20stars%3C%2Fp%3E%0A
Western Clubs Champions League:
- Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
- Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
- Friday, Sep 22 – Kandy v Bahrain
Killing of Qassem Suleimani
Killing of Qassem Suleimani
MATCH INFO
Who: France v Italy
When: Friday, 11pm (UAE)
TV: BeIN Sports
ABU%20DHABI%20CARD
%3Cp%3E%0D%3Cstrong%3E5pm%3A%3C%2Fstrong%3E%20Al%20Rabi%20Tower%20%E2%80%93%20Maiden%20(PA)%20Dh80%2C000%20(Turf)%201%2C400%0D%3Cbr%3E%3Cstrong%3E5.30pm%3A%3C%2Fstrong%3E%20Wathba%20Stallions%20Cup%20%E2%80%93%20Handicap%20(PA)%20Dh70%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E6pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Championship%20%E2%80%93%20Listed%20(PA)%20Dh180%2C000%20(T)%201%2C600m%0D%3Cbr%3E%3Cstrong%3E6.30pm%3A%3C%2Fstrong%3E%20Hili%20Tower%20%E2%80%93%20Handicap%20(PA)%20Dh80%2C000%20(T)%202%2C200m%0D%3Cbr%3E%3Cstrong%3E7pm%3A%20%3C%2Fstrong%3EUAE%20Arabian%20Derby%20%E2%80%93%20Prestige%20(PA)%20Dh150%2C000%20(T)%202%2C200m%0D%3Cbr%3E%3Cstrong%3E7.30pm%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Championship%20%E2%80%93%20Listed%20(TB)%20Dh380%2C000%20(T)%202%2C200m%3C%2Fp%3E%0A
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
INDIA SQUAD
Rohit Sharma (captain), Shikhar Dhawan (vice-captain), KL Rahul, Suresh Raina, Manish Pandey, Dinesh Karthik (wicketkeeper), Deepak Hooda, Washington Sundar, Yuzvendra Chahal, Axar Patel, Vijay Shankar, Shardul Thakur, Jaydev Unadkat, Mohammad Siraj and Rishabh Pant (wicketkeeper)
HIJRA
Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy
Director: Shahad Ameen
Rating: 3/5
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
Sholto Byrnes on Myanmar politics
Company%20profile%20
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EYodawy%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Egypt%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EKarim%20Khashaba%2C%20Sherief%20El-Feky%20and%20Yasser%20AbdelGawad%3Cstrong%3E%3Cbr%3ESector%3A%20%3C%2Fstrong%3EHealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%20%3C%2Fstrong%3E%2424.5%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EAlgebra%20Ventures%2C%20Global%20Ventures%2C%20MEVP%20and%20Delivery%20Hero%20Ventures%2C%20among%20others%3Cstrong%3E%3Cbr%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20500%3Cbr%3E%3C%2Fp%3E%0A
Tour de France
When: July 7-29
UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
2021 World Triathlon Championship Series
May 15: Yokohama, Japan
June 5: Leeds, UK
June 24: Montreal, Canada
July 10: Hamburg, Germany
Aug 17-22: Edmonton, Canada (World Triathlon Championship Final)
Nov 5-6 : Abu Dhabi, UAE
Date TBC: Chengdu, China
Race card
5pm: Handicap (PA) Dh80,000 (Turf) 1,600m; 5.30pm: Maiden (PA) Dh80,000 (T) 1,400m
6pm: Handicap (PA) Dh80,000 (T) 1,400m; 6.30pm: Handicap (PA) Dh80,000 (T) 1,200m
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 2,200m
7.30pm: Handicap (TB) Dh100,000 (PA) 1,400m
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
RUGBY CHAMPIONSHIP FIXTURES
September 30
South Africa v Australia
Argentina v New Zealand
October 7
South Africa v New Zealand
Argentina v Australia
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
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Killing of Qassem Suleimani
Zakat definitions
Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.
Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.
Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.
Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.
