Martin Lewis, the founder of MoneySavingExpert.com, is a prominent British financial journalist and consumer advocate. Known for his practical financial advice, Lewis has consistently cautioned the public about the risks associated with cryptocurrencies, particularly the prevalence of scams misusing his name and image.
Martin Lewis’s Stance on Cryptocurrencies
Lewis has repeatedly emphasized that he does not provide advice on investing in cryptocurrencies. In a statement on social media, he clarified: “It isn’t my expertise. I do not cover any form of investing or speculation or currency trading. I try to avoid these type of risk based issues.”
During an episode of The Martin Lewis Money Show in January 2021, Lewis addressed a viewer’s question about investing in Bitcoin. He stated: “As to whether it’s any good – I don’t talk about investing. The thing about investing – and Bitcoin is an investment – is that prices go up and prices go down. With Bitcoin, they go up massively and they go down massively. And the reason for stressing that so much is that you can make a fortune, but you may lose a fortune.”
Legal Actions and Advocacy
In response to the misuse of his image in scam advertisements, Lewis sued Facebook in 2018 for defamation, seeking to hold the platform accountable for allowing such ads. The lawsuit was settled in 2019, with Facebook agreeing to donate £3 million to an anti-scam charity and to implement a new scam ad reporting tool. Despite these measures, the problem persists, and Lewis continues to advocate for stronger regulations and consumer protections against online scams.
Tax Implications of Cryptocurrency
While Lewis does not provide investment advice on cryptocurrencies, he has addressed the tax implications for those who engage in cryptocurrency transactions. In a segment on the BBC, Lewis and his guests explained that individuals might be liable to pay taxes on their cryptocurrency holdings, depending on the nature and volume of their transactions. They emphasized the importance of understanding tax obligations to avoid potential legal issues.
Conclusion
Martin Lewis maintains a cautious stance on cryptocurrencies, highlighting the volatility of such investments and the prevalence of scams misusing his identity. He advises the public to exercise extreme caution, conduct thorough research, and be aware of the tax implications before engaging in cryptocurrency transactions. Importantly, any advertisement or promotion claiming his endorsement of cryptocurrency investments is fraudulent and should be reported to the relevant authorities.
For more information on Martin Lewis’s views and advice, visit MoneySavingExpert.com.
To hear firsthand accounts of individuals affected by scams misusing Martin Lewis’s name, you can watch the following video:
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