Mexican Citizens Deferred From Investing in Cryptocurrency During COVID-19 Pandemic

Cryptocurrencies, while often considered to be a safe haven in times like this pandemic, have proven otherwise for the time being. While Bitcoin appears to be in a bullish place for now, it was mostly bearish since the start of COVID-19.

A Mexican research center is aware of this and have been recommending that citizens stay away from these digital assets as they’re investments could be poorly thought out.

Speaking on the matter is Alberto Aldape Barrios, the director of the Center for Business Research and Development, translated from Spanish:

“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.”

They note that these markets are speculative, and are those who can pay attention 24 hours a day to their happenings. Those who casually pay attention can lose their investments, which is especially terrible during this pandemic.

Mexico doesn’t have a “Futures and Options Exchange,” Barrios further notes. This means they cannot regulate things like cryptocurrencies, which are completely out of its control. Essentially, it’s better to be safe than sorry.