Bitcoin latest: Cryptocurrency bubble will crash and spiral out of control | City & Business | FinanceHeat Profit
Bitcoin prices are riding an all-time high while the currency has been more widely accepted with even stores both online and offline taking the cash as financial tender.
You may soon even be able to buy Bitcoin with other cryptocurrencies – if you can afford its whopping value that is.
But the cryptocurrency seems to be growing to become the biggest financial danger of the 21st century with uncertainty due to the lack of regulation and unstable trading.
Speaking exclusively to Express.co.uk, he said: “Personally I think Bitcoin will be the biggest bubble of our lifetime.
The high-value cyber-currency is currently valued at more than £15,000 ($20,000) per unit after it reached the record high on Sunday, December 17.
And it has become ever-more popular as it ascends from the cash choice of cyber-experts to a tradable asset for the general population.
Over the past month alone, the digital cash jumped from less than £5,840 for a single Bitcoin to £14,332 as of 4.56pm on Sunday December 17, according to CoinDesk.
However the soaring prices come amid concern the currency is a bubble and could burst at any moment leading to plunging prices.
Mr Isaacs said: “Currently if you Invest in Bitcoin you can make a significant amount of money, but similar to Investing in the Stock Market it is important to be cautious and prevent putting all your eggs in one basket.
He told Express.co.uk: “I don’t want people to walk through what is going to be the bloodiest financial danger of the 21st century.”
Despite the incredible rise in value, a recent survey of 53 economists carried out by the Wall Street Journal found that 51 considered Bitcoin’s price unsustainable.
Another study by Anglia Ruskin University, Trinity College Dublin and Dublin City University released on Friday said Bitcoin could pose a threat to the financial stability of traditional currencies and Markets.
“Our evidence finds that the price of Bitcoin has been artificially inflated by speculative Investment, putting it in a bubble,” said Larisa Yarovaya, one of the report’s authors and a lecturer at Anglia Ruskin University.
But Mr Isaacs, a London school of Economics educated serial entrepreneur, says he believes despite fears of a massive crash, the future for cryptocurrencies in general is bright.
He said: “As the demand for cryptocurrency increases improvements and regulations are likely to be introduced regarding the safety of exchanges, the number of currencies available and the speed of blockchain transactions.