The European Supervisory Authorities said some cryptocurrencies are "highly risky and speculative" in a new report.
Still in private beta, the project intends to create a social graph for investors, developers and founders for the creative economy.
The survey by Mizuho Securities estimates that 10% of the $380 billion to be issued as checks could be used to invest.
Twelve years after its creation, regulating bitcoin is still complicated in most countries. That's just one of the investment risks.
The fund will facilitate investment in a wider range of longer term, more illiquid assets, Axios reported March 4.
Only 1,000 of the bitcoin credit cards will be issued in 2021, with shipping expected in June.
MicroStrategy has bought another 328 bitcoin, bringing its total to 90,859 BTC.
The 97-year-old vice chairman of Berkshire Hathaway said buying bitcoin is "the pursuit of the uneatable by the unspeakable."
The disclosure comes as Coinbase is preparing for a public listing in the U.S.
The Financial Supervisory Authority said investment products such as bitcoin ETPs carry "significant" risk for consumers.
Cryptocurrency's viability as an investment may not be in its value as an asset but in the way the financial world is evolving because of it.
Gundlach has previously said, "I don't believe in bitcoin."
Bitcoin had been most-crowded trade in January as prices rose to a $40,000 record.
Kraken Ventures will operate autonomously, with financial backing from the exchange.
Biggs is an associate fellow at the University of Oxford's Saïd Business School, guest lecturing on blockchain technology and digital assets.