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'' The U.S. Securities and Exchange Commission has also issued warnings. A May 2014"Investor Alert" warned that investments involving bitcoin may have elevated rates of fraud, and that investors may be solicited on interpersonal media sites.175 An earlier"Investor Alert" warned about the usage of bitcoin in Ponzi schemes.176

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The European Banking Authority issued a warning in 2013 focusing on the absence of regulation of bitcoin, the chance which exchanges would be hacked, the volatility of bitcoin's cost, and general fraud.148

The self-regulatory organization FINRA and the North American Securities Administrators Association have issued investor alerts about bitcoin.177178

An official investigation into bitcoin dealers has been reported in May 2018. The U.S. Justice Department launched an investigation into potential price manipulation, including the techniques of spoofing and scrub transactions.180181182 Dealers in the U.S., the U.K, South Korea, and possibly other countries are being investigated. Brett Redfearn, head of the U.S.

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The U.S. national investigation was motivated by concerns of potential manipulation during futures settlement dates. The final settlement price of CME bitcoin futures contract is determined by prices on four exchanges, Bitstamp, Coinbase, itBit and Kraken. Following the first shipping date in January 2018, the CME requested extensive detailed trading information however a few of the exchanges refused to supply it and afterwards provided only limited data.

State and provincial securities authorities, coordinated through the North American Securities Administrators Association, are investigating"bitcoin scams" and ICOs in 40 jurisdictions.185

Academic study published in the Journal of Monetary Economics concluded that price manipulation occurred during the Mt Gox bitcoin theft and the marketplace remains vulnerable to manipulation.186 The history of hacks, fraud and fraud involving bitcoin dates back to at least 2011.187

Research by John M. Griffin and Amin Shams in 2018 suggests that trading associated with increases in the amount of the Tether cryptocurrency and related trading at the Bitfinex exchange account for about half of the purchase price increase in bitcoin in late 2017.188189

J.L. van der Velde, CEO of both web Bitfinex and Tether, denied that the claims of price manipulation:"Bitfinex nor Tether is, or has ever, engaged in any sort of market or cost manipulation. Tether issuances cannot be used to prop up the amount of bitcoin or any other coin/token on Bitfinex. "190

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The Bank for International Settlements summarized several criticisms of bitcoin in Chapter V of their 2018 annual report. The criticisms include the lack of stability in bitcoin's cost, the high energy consumption, high and variable transactions costs, the poor security and fraud in cryptocurrency exchanges, vulnerability to debasement (from forking), and the influence of miners.191192193.

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The Economist wrote in 2015 these criticisms are unfair, predominantly since the like it shady image may compel users to forget the capacities of their blockchain technology, but also on account of the fact that the volatility of bitcoin is changing in time.194

Bitcoin and other cryptocurrencies have been identified as economic bubbles by at least eight Nobel Memorial Prize in Economic Sciences laureates, including Robert Shiller,195 Joseph Stiglitz,196 and Richard Thaler.19713 Noted Keyensian economist Paul Krugman wrote in his New York Times column criticizing bitcoin, calling it a bubble and a fraud;198 and professor Nouriel Roubini of New York University known as bitcoin the"mother of all bubbles. "199 Central bankers, including former Federal Reserve Chairman Alan Greenspan,200 investors such as Warren Buffett,201202 and George Soros203 have stated similar views, as have anchor business executives like Jamie Dimon and Jack Ma.204.

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Bitcoin has been criticized for the amount of electricity consumed by mining. As of 2015update, The Economist estimated that even though all miners utilized modern amenities, the combined power consumption would be 166.7 megawatts (1.46 terawatt-hours annually ).133

In the end of 2017, the worldwide bitcoin mining activity was estimated to consume between one and four gigawatts of power.205 Politico noted that the even high-end quotes of bitcoin's overall consumption levels amount to only approximately 6 percent of the total energy consumed by the international banking sector, and even if bitcoin's consumption levels increased 100 fold from the current levels, bitcoin's consumption would still only amount to about 2% of international electricity consumption.206.

To lower the costs, bitcoin miners have set up in areas like Iceland where geothermal energy is economical and cooling Arctic atmosphere is free.207 Bitcoin miners are known to use hydroelectric power in Tibet, Quebec, Washington (state), and Austria to decrease electricity prices.206208209210 Miners are attracted to suppliers such as Hydro Quebec who have energy surpluses.211 According to a University of Cambridge study, a lot of bitcoin mining is done in China, where electricity has been subsidized by the government.212213.

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