Yale Expert Argues that Bitcoin is a ‘Dangerous Speculative Bubble’

A Yale expert has added his voice to the growing list of bitcoin naysayers by arguing that it is a ‘dangerous speculative bubble.’

The digital currency has been experiencing record highs throughout 2017. So much so, that on Sunday, bitcoin was within touching distance of reaching $12,000 for the first time, at $11,858, according to CoinMarketCap. As a result, it pushed its market cap total up to $198.2 billion.

However, despite the impressive journey that bitcoin has been on, that hasn’t stopped many from claiming that it is in a bubble. Another voice added to that list is Stephen Roach, a Yale University senior fellow and the former Asia chairman and chief economist at Morgan Stanley, reports CNBC.

Speaking to CNBC’s ‘The Rundown’, Roach said:

This is a dangerous speculative bubble by any shadow or strength of the imagination. 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.

The number one digital currency’s value has risen by over 1,000 percent this year, partly driven by strong interest from Asian investors. It has also been boosted by the news that the Chicago-based exchanges, Cboe and CME Group are to begin trading bitcoin futures contracts this month. Cboe will start on the 10th December with CME following on the 18th…

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