Sunrise co-host David Koch has described cryptocurrencies as a bad investment idea even though Dogecoin has surged by more than 19,000 per cent in just one year.

Sunrise co-host David Koch has described cryptocurrencies as a bad investment idea even though Dogecoin has surged by more than 19,000 per cent in just one year.

Sunrise co-host David Koch has described cryptocurrencies as a bad investment idea even though Dogecoin has surged by more than 19,000 per cent in just one year.

Sunrise co-host David Koch has described cryptocurrencies as a bad investment idea even though Dogecoin has surged by more than 19,000 per cent in just one year.

Dogecoin, co-created as a ‘joke’ by 26-year-old Australian Jackson Palmer, was in May 2020 worth just 0.38 of an Australian cent.

As of Monday morning, one unit of this social-media fuelled cryptocurrency was worth 73.23 cents, with its value multiplying by 191.7 times or 19,171 per cent compared with a year ago, and has continued soaring since last week.

The best-known cryptocurrency Bitcoin has multiplied in value by five times during the past year to be worth $74,085, with Tesla founder Elon Musk a key backer who accepts it as payment for his electric cars. 

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Dogecoin during the past year multiplied by 191.7 times or 19,171 per cent since a year ago

Dogecoin during the past year multiplied by 191.7 times or 19,171 per cent since a year ago

Dogecoin during the past year multiplied by 191.7 times or 19,171 per cent since a year ago

Koch, a finance expert, تعدين دوجكوين said that despite their surge in value, cryptocurrencies in general were a bad investment idea.

‘Frankly, I have no idea whether cryptocurrencies are the greatest investment ever or the greatest financial scam of a generation,’ he said.

The Seven Network personality, who also runs small business advisory group Pinstripe Media with his wife Libby, pointed out cryptocurrencies weren’t regulated like the share market, which means investors don’t have recourse if they lose their money.

‘Do I trust the people behind the investment?

With cryptos, it’s all anonymous,’ he said. 

‘Is there any financial regulation to protect me from scams? 

‘Again , cryptocurrencies fall outside the financial system. So for me, cryptos are just a no go.’ 

The more well-known Bitcoin has multiplied in value by five times during the past year to be worth $74,085, with Tesla founder Elon Musk a key backer who accepts it as payment for his electric cars

The more well-known Bitcoin has multiplied in value by five times during the past year to be worth $74,085, with Tesla founder Elon Musk a key backer who accepts it as payment for his electric cars

The more well-known Bitcoin has multiplied in value by five times during the past year to be worth $74,085, with Tesla founder Elon Musk a key backer who accepts it as payment for his electric cars

<div class="art-ins mol-factbox floatRHS news" data-version="2" id="mol-be485f60-b131-11eb-ab4e-9d942cf8b1ae" website host David Koch explains why cryptocurrencies are a &apos;no go&apos;