Bitcoin has been described as the “biggest bubble of our lifetime” as an expert warned the cryptocurrency will likely spiral out of control before crashing.
Bitcoin prices are riding an all-time high while the currency has been more widely accepted with even stores both online and offline taking the cash as financial tender.
You may soon even be able to buy Bitcoin with other cryptocurrencies - if you can afford its whopping value that is.
But the cryptocurrency seems to be growing to become the biggest financial danger of the 21st century with uncertainty due to the lack of regulation and unstable trading.
And Oliver Isaacs, Cryptocurrency investor, believed the cash coin bubble will eventually burst - with devastating consequences for investors.
Elsewhere, Stephen Roach, former chief economist at Morgan Stanley and Yale University fellow, warned bitcoin was a “toxic concept for investors”.
“I’ve never seen a chart of a security where the price really has a vertical pattern to it. And bitcoin is the most vertical of any pattern I’ve ever seen in my career,” he told CNBC. said that the cryptocurrency was a “dangerous speculative bubble by any shadow or stretch of the imagination” and a “toxic concept for investors.”
Also, Vitor Constancio, the vice president of the European Central Bank, has compared the frenzy around the virtual currency with the tulip mania that broke many investors in 17th-century Holland.
