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

An official investigation into bitcoin traders was reported in May 2018. The U.S. Justice Department launched an investigation into possible price manipulation, including the techniques of spoofing and wash trades.180181182 Traders in the U.S., the U.K, South Korea, and possibly other countries are being investigated. Brett Redfearn, head of the U.S.

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

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

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

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Research by John M. Griffin and Amin Shams in 2018 indicates that trading related to increases in the amount of the Tether cryptocurrency and related trading in the Bitfinex exchange account for roughly half of the purchase price increase in bitcoin in overdue 2017.188189

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J.L. van der Velde, CEO of Bitfinex and Tether, denied that the claims of price manipulation:"Bitfinex nor Tether is, or has , engaged in any sort of market or price 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 outlined 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 bad 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 because the shady image may compel users to forget the capacities of their blockchain technology, but also due to 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 called 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 said similar opinions, as have business executives such as Jamie Dimon and Jack Ma.204.

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

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

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To reduce the costs, bitcoin miners have set up in places like Iceland where renewable energy is cheap and cooling Arctic air is liberated.207 Bitcoin miners are known to utilize hydroelectric power in Tibet, Quebec, Washington (state), and Austria to reduce electricity costs.206208209210 Miners are drawn to providers like Hydro Quebec that have energy surpluses.211 According to a University of Cambridge study, much of bitcoin mining is done in China, where power has been subsidized by the government.212213.

A variety of journalists,207214 economists,215216 and the central bank of Estonia217 have voiced concerns that bitcoin is a Ponzi scheme. In 2013, Eric Posner, a law professor at the University of Chicago, stated that"a true Ponzi scheme takes fraud; bitcoin, by contrast, seems more like a collective delusion. "218 A 2014 report from the World Bank concluded that bitcoin was not a willful Ponzi scheme.219:7 The Swiss Federal Council220:21 examined the concerns which bitcoin may be a pyramid scheme; it concluded that,"Since in the case of bitcoin the normal guarantees of gains are lacking, it cannot be presumed that bitcoin is a pyramid scheme." In July 2017, billionaire Howard Marks referred to bitcoin as a pyramid scheme.221.

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