Steer clear of Bitcoin, Turks warned

Turkish Deputy Prime Minister Mehmet Şimşek, in charge of the country’s economy, warned the country’s citizens against investing in Bitcoin.

Bitcoin is a bubble waiting to burst, Şimşek said via his Twitter account. “Steer clear of this speculation,” he said.

The former Merrill Lynch banker became the latest senior official in the financial world to advise about the risks of investing in crypto-currencies after prices surged this year.

The chairman of the U.S. Securities and Exchange Commission (SEC) on Monday warned investors of the dangers of putting their money into crypto-currencies, saying trading and public offerings in the emerging asset class may be in violation of federal securities law.