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VIDEO: John Oliver on Bitcoin: “You’re Not Investing, You’re Gambling”

VIDEO: John Oliver on Bitcoin: “You’re Not Investing, You’re Gambling”

Last night saw Last Week Tonight Show’s host John Oliver take on Bitcoin and digital currencies, giving us the lowdown on the history of Bitcoin and warning us of its pitfalls, too.

“Just a few years ago you’d only hear about bitcoin from that one guy in your office who wouldn’t shut up about it,” he explained, before taking a sideways swipe at Bitcoin’s chequered history with security and scam artists. “A Bitcoin conference stopped taking Bitcoin, which is a red flag since that’s the one place you’d think it would be accepted,” he joked.

Oliver came to prominence after launching his comedy career in both the U.S and UK with his work on The Daily Show with Jon Stewart as its senior British correspondent for 7 years between. 2006 to 2013. Three Primetime Emmy Awards later and he was awarded his own show by HBO in 2014, Last Week Tonight, which gives U.S audiences a very British take on current affairs.

“I am not saying that every cryptocoin is a scam, just as I’m not saying that every blockchain company is bullshit,” continued Oliver on Bitcoin’s propensity for risk. “What I am saying is: in a speculative mania, it can be very hard to tell which companies are for real.”

Oliver was also keen to offer some words of wisdom on the concept of investments into crypto. “The point is: if you choose to invest in the cryptocurrency space, just know that you’re not investing, you’re gambling. Which is fine, but you should know that is what you’re doing and prices do go down,” he explained. “The important thing to remember here is: this is a brand new, very complicated space and literally nobody knows how it’s going to develop so you need to be careful and I know that sounds boring.”

John Oliver has given his two cents on many divisive topics including the NRA, the Confederacy, vaccines, Alex Jones, North Korea, Brexit, and Trump. No doubt we’ll see him comment on Bitcoin and cryptocurrency again.