Bitcoin Crash ‘IMMINENT’ as it Reaches New High
By DAN FALVEY
The value of the currency has dramatically increased over the course of 2017 and a single coin is now worth $7,600 (£5819), up 750 per cent from $973 (£745) at the start of the year.
The sudden growth of the currency has led financial advisors to warn that the coin may be about to crash.
Scott Kelly, CEO of Black Dog Venture Partners, has said the fact so many people are now trading in the currency could be responsible for bitcoin to crash.
RELATED ARTICLES
Bitcoin price soars to record high of $7,000: Why is bitcoin rising?
Bitcoin is NOT a currency it’s a commodity
He said: “A month before the 1987 crash, my cab driver said he started day trading.
“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.”
Everything you need to know about bitcoin
Mon, October 30, 2017
How to buy bitcoin: Everything you need to know about cryptocurrency wallets and bitcoin cash.
PLAY SLIDESHOW
Everything you need to know about Bitcoin GETTY IMAGES1 of 10
Everything you need to know about Bitcoin
Everything you need to know about Bitcoin
Bitcoin prices recently hit a new all-time high, with one unit of the cryptocurrency trading at £4813.32 ($6.345) on Monday October 30
Like all currencies, the price fluctuates according to market conditions, and different brokers can charge different rates and fees
bitcoin wallet
A bitcoin wallet is a piece of software which acts like a bank account and holds your bitcoin
Once you’ve opened your account, you’ll need to find a broker or an exchange, companies that sell bitcoin in exchange for currency
BittBoy.co.uk is a comparison website which shows the current rates at different brokers, minimum and maximum purchases and trust ratings
The 2007 crash in the real estate market led to banks around the world writing off more than $200billion.
Bitcoin was first traded as a currency in 2008 and an early investment of $1 in bitcoin is now worth millions of dollars.
Tidjane Thiam, Credit Suisse CEO, has agreed with Mr Kelly’s assessment.
Mohamed El-Erian: Bitcoin is a disruptive technology
Play Video
He said: “From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.”
Many financial investors have told clients not to invest in bitcoin arguing that the currency will collapse.
Jason R. Escamilla, CEO of ImpactAdvisor, has said the price level in bitcoin is “unsustainable” and has to end.
Gold and silver bitcoinsGETTY
Bitcoin was first traded as a currency in 2008 and an early investment of $1 in bitcoin is now worth
Multiple bitcoins on computerGETTY
Financial investors have warned clients the currency may collapse.
He said: “But it is anybody’s guess what inning. It looks to me like we’re well ahead of the 7th-inning stretch.”
However, despite the concerns from some financial advisers, others are less worried about bitcoin’s growth.
Speaking to Express.co.uk last week Iqbal Gandham, UK Managing Director at eToro, said: “We don’t think there is a market bubble.
“There will likely be a correction, as there is every time we see a sharp rise, but viewed through the lens of the last two to three years, Bitcoin has risen steadily.”
by 