NEW YORK, Dec. 16 (Xinhua) -- The new year will usher in the bitcoin-friendly administration of President-elect Donald Trump and an expanding lobbying effort in statehouses that, together, could push states to become more open to crypto and for public pension funds and treasuries to buy into it, reported The Associated Press (AP) on Monday.
"Proponents of the uniquely volatile commodity argue it is a valuable hedge against inflation, similar to gold," noted the report.
Many bitcoin enthusiasts and investors are quick to criticize government-backed currencies as prone to devaluation and say increased government buy-in will stabilize bitcoin's future price swings, give it more legitimacy and further boost an already rising price, it said.
"But the risks are significant," it added, saying that "critics say a crypto investment is highly speculative, with so much unknown about projecting its future returns, and warn that investors should be prepared to lose money." ■
