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

An official investigation into bitcoin traders 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.

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

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

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

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

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J.L. van der Velde, CEO of both Bitfinex and Tether, denied the claims of price manipulation:"Bitfinex nor Tether is, or has ever, 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

The Bank for International Settlements summarized several criticisms of bitcoin in Chapter V of their 2018 annual report. The criticisms include the absence of equilibrium 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 because the unethical image may induce users to forget the capacities of the 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 that 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 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 used modern facilities, the combined power consumption would be 166.7 megawatts (1.46 terawatt-hours annually ).133

At the end of 2017, the global bitcoin mining activity was estimated to consume between one and four gigawatts of power.205 Politico noted that the even high-end estimates of bitcoin's overall consumption levels amount to only approximately 6% 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 global power consumption.206.

To lower the expenses, bitcoin miners have put up in areas like Iceland where geothermal energy is cheap and cooling Arctic atmosphere is liberated.207 Bitcoin miners are known to utilize hydroelectric power in Tibet, Quebec, Washington (state), and Austria to reduce electricity prices.206208209210 Miners are attracted to providers like Hydro Quebec who have energy surpluses.211 According to a University of Cambridge study, much of bitcoin mining is done in China, where electricity has been subsidized by the government.212213.

Various journalists,207214 this link economists,215216 and the central bank of Estonia217 have voiced concerns which 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 might be a pyramid scheme; it concluded that,"Since in the case of bitcoin the typical promises of gains are lacking, it cannot be presumed that bitcoin is a pyramid scheme." In July 2017, billionaire Howard Marks called bitcoin as a pyramid scheme.221.

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