The Reserve Bank has sounded the alarm on cryptocurrencies, declaring them a highly speculative fad, according to Sky News business reporter Edward Boyd.
Mr Boyd said central banks “don’t like cryptocurrency” because they have no control over it.
RBA Head of Payments Tony Richards said he did not want young investors getting into the cryptocurrency market as there was a high chance the price could collapse.
The price of Bitcoin has fallen overnight, down 5.75 per cent to $78,262 for a loss in value of $4,774.