No, not exactly, but it had a major setback last week. It's a stretch to call it a setback. What really happened was the SEC stated publicly what professional traders and investors have been saying for years.

In its decision, the SEC denied a proposal to launch the first regulated bitcoin exchange. The launch of a Bitcoin ETF would have opened new doors for the new digital currency that struggles with liquidity issues and high volatility.

I have been a voice of reason in the hype that surrounds Bitcoin these days. I've tried to point out the dangers investors face when putting money into Bitcoin and I've been met with a wall of resistance from those I call "Bitcoin Apologists" who are suggesting I don't know what I'm talking about and claim I need to "educate myself."

So I thought today I'd explain in detail why I don't invest in Bitcoin and why you might want to use caution in making your own decision. I'm not telling you it's right or wrong for you. I don't know you. But I can tell you what to look out for and help you understand the dangers if you do decide to invest.

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