leonkuravson (leonkuravson) wrote,
leonkuravson
leonkuravson

Beware of bitcoin bubble, warn investment & financial advisors, as it smashes $7,600

Bitcoin's sevenfold rally is one of the telltale signs of a bubble, according to investment strategists. It started the year at $973 and rocketed to $7,600 on Sunday, up over 750 percent in 10 months.

Financial advisors warn bitcoin is another bubble similar to the tech boom of the late 1990s, the housing crash of 2006-2007 and the commodities bust of 2008-2009.

“A month before the 1987 crash, my cab driver said he started day trading,” Scott Kelly, CEO of Black Dog Venture Partners in Phoenix, Arizona told Forbes. “A month before the real estate crash in 2007 in Arizona, my cab driver said he was getting into flipping real estate. Last week, my Uber driver said he just started trading Bitcoin.”



Tags: bitcoin
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