(Rejected )Stay Away From Bitcoin: Mexico To Its Lockdown Citizens

On May 4. 2020. the director of CIDE (Center for Business Research & Development), Alberto Aldape Barrios, addressed the citizens of Aguascalientes, Mexico to stay away from investing in Bitcoin or any other kind of cryptocurrency. 

He issued a statement in the local Mexico newspaper, El Heraldo, where he said:

"With cryptocurrencies, you cannot speculate because you can lose all your money in one day. No institution backs that currency"

According to Alberto Aldape Barrios, the ongoing Covid-19 crisis has currently a lot of 'financial speculations' in the market which are having a high risk of investment in futures, Bitcoins, Forex, and options. 

The director did address the fact that there are many other countries in the world that are massively adopting cryptocurrencies in their financial systems. But he is still concerned with the shady nature of cryptocurrency and suggests his fellow countrymen to avoid investing in cryptocurrency since 'its a market of professional speculators'. 

Apart from investing in cryptocurrencies, Alberto Aldape Barrios also advised the locked-down citizens to be cautious while investing in options, futures, and Forex market. He cited the example of Oil price plunge to explain how risky any financial investment can be in such a time of world crisis. 

"At this time, people must be very careful with the offers that come from the futures and options markets (FOREX), in which what happened with the oil market can happen where instead of winning, everything is lost and in addition it must be paid", said Alberto Aldape Barrios.

He also took a dig at social media fake news where information like promises of 'increasing profits by fivefold in a week' are marketed along with investment in financial assets but omit to say that one day you could lose all the money.

Alberto Aldape Barrios concluded his statement by saying that in Mexico, there is just stock exchange and no other futures or options exchange.

"In Mexico, there is no Futures and Options Exchange, only the Stock Exchange, which is why the National Banking and Security Commission cannot regulate operations that are generated outside of the Mexican borders"