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Ask The Banker: Be cautious with Bitcoin

KEZI 9 News talked to Oregon Pacific Bank President and CEO Ron Green to learn more.

Posted: Feb 18, 2019 4:49 PM

EUGENE, Ore. -- Cryptocurrency is a hot topic right now, and the most commonly used cryptocurrency is Bitcoin.

KEZI 9 News talked to Oregon Pacific Bank President and CEO Ron Green to learn more.

What’s your take on cryptocurrencies, like Bitcoin?

Green said he’s heard it said that we’re in the wild, wild west with cryptocurrencies. It’s just getting started.

The price of Bitcoin has been extremely volatile, so if you’re looking at it as an investment, Green said he wouldn’t recommend that.

Cryptocurrencies are a way to process digital payments, and although there are some retailers, specifically online, that accept Bitcoin, it’s a payment industry that is not regulated. So the financial services industry is seeing a lot of illegal, illicit behavior and activities that are taking place through cryptocurrency.

Is it the payment of the future? Probably, according to Green. But it’s too early to know exactly how it’s going to work, so be cautious.

If you have a banking or finance question for Green, click here

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