Sean Russell lost most of his life savings when the cryptocurrencies plunged. He tried to mitigate his losses by shifting money from bitcoin (XBT) to Bitcoin Cash and other cryptocurrencies including Ethereum and Ripple, which didn't work as the paper losses reached 96 percent, reported CNN Money.

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Russell studied blockchain and tracked bitcoin and said the learning process was like solving the plot of a murder mystery. Michel Rauchs, researcher, Cambridge Centre for Alternative Finance, said the rise in prices in 2017 brought a lot of inexperienced investors.

The report said, JP Morgan CEO Jamie Dimon and Warren Buffett, Berkshire Hathaway have warned investors to not invest in bitcoin.

Many proposals for bitcoin exchange-traded funds were blocked by the Securities and Exchange Commission. Also, plans from ETF giants ProShares, Direxion, Winklevoss brothers were also rejected.

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First Published:Sept 13, 2018 6:21 PM IST