Bitcoin crossed the $16,000 mark Thursday morning, less than two days after topping $12,000 for the first time. The digital currency now has a market value of more than $272 billion.
Some of the biggest names on Wall Street are embracing the digital currency, including Fundstrat’s Tom Lee and value investor Bill Miller, who is running a fund with nearly a third of its assets in bitcoin.
One Dutch family even bet all they have on bitcoin.
Should you be buying into bitcoin too? Here’s what top investors have to say:
The cryptocurrency “is a fraud,” JPMorgan Chase CEO Jamie Dimon said at the Delivering Alpha conference presented by CNBC and Institutional Investor. “It’s just not a real thing, eventually it will be closed.”
He added, at a separate conference organized by Barclay, “It’s worse than tulip bulbs. It won’t end well.”
“I think this [crypto] is going to be the biggest bubble of our lifetimes by a long shot,” the former Fortress hedge fund manager said at a CoinDesk bitcoin conference.
“To be fair, this is a bubble and there’s a lot of fraud mixed in. We look at tons of projects. And some get funded, and they literally look like Ponzi’s. There’s a lot of froth and fraud in something that’s exciting as this.”
Novogratz’s remarks came right after he gave an aggressive projection for bitcoin: It “could be at $40,000 at the end of 2018. It easily could,” he said on CNBC’s “Fast Money.” And he saw big things for other cryptocurrencies too: “Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.” […]