Bitcoin is 'fascinating' but it's not money and very risky investment, RBA warns

Bitcoin is a fascinating development, its design is admirable but it's not money and as an investment it's highly risky, warned the Reserve Bank of Australia's head of payments policy Tony Richards.

As an economist who spends his time testing alternative payment methods, Mr Richards admitted to owning a "small amount" of bitcoin, making several transfers and even managed to find one Sydney cafe that will accept bitcoin for coffee.