It is commendable that the Monetary Authority of Singapore has finally come forward with a clear and strongly worded statement about bitcoin (MAS warns bitcoin investors to act with 'extreme caution'; Dec 20).

This will go a long way in warning those who are not financially savvy to, perhaps, keep their investments away from the volatility of bitcoin.

The statement will at least encourage this group of people to perform their due diligence and a deeper analysis on the workings of cryptocurrency. After doing so, they can decide whether they are willing to take on such a level of risk.

Colin Ong Tau Shien