Deutsche Bank strategist tells investors to avoid bitcoin

FRANKFURT (Reuters) – Deutsche Bank (DBKGn.DE) has joined the ranks of those warning about the virtual currency bitcoin as an investment.

The head quarters of Germany’s Deutsche Bank are photographed early evening in Frankfurt, Germany, January 31, 2017. REUTERS/Kai Pfaffenbach

“I would simply not recommend this to the everyday investor,” Ulrich Stephan, chief strategist at Germany’s largest lender, said on Wednesday.

Stephan said that fluctuations are too great and regulation too scant. He noted that German investors were reluctant to invest in stocks, but were generating hype about bitcoin.

Bitcoin smashed through the $8,000 level for the first time over the weekend and traded at $8,216 at 1523 GMT on Wednesday, with many experts saying $10,000 is possible…

Read Full: Deutsche Bank strategist tells investors to avoid bitcoin