Bitcoin surges past $12,000 for the first time

Bitcoin has broken past the $12,000 mark reaching $12,198.57, according to industry site CoinDesk.

After starting the year at $1000, crossing $5000 in October and hitting this level for the first time, the market is now speculating how it’s now being seen a legitimate asset class by mainstream investors.

Nasdaq plans to offer Bitcoin futures in 2018 and Cboe Global Markets says it will start trading Bitcoin futures on December 10.

At the same time, Bitcoin’s surge is triggering warning that it’s an asset bubble about to burst.

“This is a toxic concept for investors,” Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at investment bank Morgan Stanley, told CNBC.

“This is a dangerous speculative bubble by any shadow or stretch 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.”

 

 



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