During 2017, financial regulators in Europe watched on as the price of Bitcoin rose to nearly $20,000, yet now European policymakers are echoing decisions all over the world, in suggesting that the bitcoin bubble could cause devastation if it were to burst.

Bruno Le Maire, French Finance Minister is perhaps one of the most opinionated after he assigned Jean-Pierre Landau, former central bank Deputy Governor to lead and control an investigation into potential cryptocurrency regulations.

Furthermore, in December, the Commission vice president responsible for financial services, Valdis Dombrovskis sent a letter to the EU’s three financial watchdogs advising them on the bitcoin bubble and the possibility of it bursting. He also requested that they review whether or not bitcoin is sustainable. This spring, a plan is due to be presented detailing policy suggestions regarding Blockchain technology.

Moreover, the European Supervisory Authorities have also been voicing their opinion. Chairman of the European Securities and Markets Authority, Steven Maijoor, stated that investors of bitcoin should be ready to lose all their money. The U.K.’s Financial Conduct Authority has also voiced parallel opinions when it comes to initial coin offers, with a UK regulator commenting that investors are likely to lose their entire stake.

Furthermore, the European Central Bank is just another organisation that is watching bitcoin closely.