Cryptocurrency something to be ‘very careful’ with

Accenture Managing Director Andrew Charlton says people should be “very, very careful” of cryptocurrencies amid news Bitcoin value hit an all-time high.

“Ultimately this is a big gamble,” Mr Charlton told Sky News host Peta Credlin.

“At best, its only utility in our lives is as a store of value, like as an alternative to gold or as an alternative to hard currency.”

He said those intending to invest in Bitcoin need to remember it’s “actually not a very good store of value”.

“It’s quite hard to transact with, it’s quite expensive to create, it’s not very stable in terms of the way it stores value”.

“For me, the kicker is the following thing: the amount of energy it takes to create and mine Bitcoin, this currency is created by supercomputers churning away.”

“So if people think this currency is the future … I think they should think very carefully about that.”

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