Mubasher: Andrew Bailey, Financial Conduct Authority’s (FCA) CEO, warned investor about investing in bitcoin, depicting at as a “gambling”.

"If you want to invest in bitcoin, be prepared to lose all your money," the top official told the BBC.

Bailey based his views regarding the bitcoin on a fact that it was not supported by governments or central banks, BBC reported.

Bitcoin surged 1700% to over $17,000, while the total market capitalisation of e-currencies reached $500 billion.