For definitions of indexes used in this publication, please refer to pnc.com/indexdefinitions.
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Investments in cryptocurrencies or digital assets are speculative investments that involve high degrees of risk, including a partial or total loss of invested funds. Investments in this area are not suitable for any investor that cannot afford loss of the entire investment.
DIGITAL ASSET INVESTMENTS SUCH AS DIGITAL CURRENCIES MAY BE SUBJECT TO LEGISLATIVE AND REGULATORY CHANGES OR ACTIONS AT THE STATE, FEDERAL, OR INTERNATIONAL LEVEL WHICH MAY ADVERSELY AFFECT THE USE, TRANSFER, EXCHANGE, AND VALUE OF DIGITAL/CRYPTO ASSETS. Depending on its characteristics, a digital asset may be considered a “security” under the federal securities laws. The test for determining whether a particular digital asset is a “security” is complex and difficult to apply, and the outcome is difficult to predict. Accordingly, digital assets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.
Investors should conduct extensive research into the legitimacy of each individual digital asset before investing. The features, functions, characteristics, operation, use and other properties of the specific digital asset may be complex, technical, or difficult to understand or evaluate. The digital asset may be vulnerable to attacks on the security, integrity or operation, including attacks using computing power sufficient to overwhelm the normal operation of the digital asset’s blockchain or other underlying technology.
Blockchain is a nascent and rapidly changing technology and there remains relatively small use of blockchain networks and blockchain assets. The development of blockchain networks is a new and rapidly evolving industry that is subject to a high degree of uncertainty.
Factors affecting the further development of the blockchain industry include: continued worldwide growth in the adoption and use of blockchain networks and assets; the maintenance and development of the open-source software protocol of blockchain networks; changes in consumer demographics and public tastes and preferences; the popularity or acceptance of the Bitcoin or Ethereum networks; the availability and popularity of other forms or methods of buying and selling goods and services, including new means of using fiat currencies; government and quasi-government regulation of blockchain networks and assets, including any restrictions on access, operation and use of blockchain networks and assets.
The application of distributed ledger technology is novel and untested and may contain inherent flaws or limitations. Blockchain is an emerging technology that offers new capabilities which are not fully proven in use. There are limited examples of the application of distributed ledger technology.
The creation and operation of digital platforms for the public trading of blockchain assets will be subject to potential technical, legal and regulatory constraints.
