Regulator: Bitcoin 'Doesn't Pass the Smell Test’

Secretary of the Commonwealth of Massachusetts William Galvin is claiming that, when it comes to the crypto-currency Bitcoin, “there is no product here.”

He added that Bitcoin “doesn’t pass the smell test.

“This is entirely speculation.  That’s already been proven by the high gyrations of the value.  It’s also subject to manipulation, because no one can explain it, no one can control it.”

And Galvin took things a step forward two weeks ago when he issued what CNBC believes is the first investor advisory on Bitcoin from an individual state.

Bitcoin and other crypto-currencies have revitalized the online gambling sector in so-called "grey markets", which now make up more than half the globe.

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