Bitcoin approaches $10,000; is the bubble about to burst?
As the launch date for the CME bitcoin futures contract approaches, the cryptocurrency continues to rally. On Monday, bitcoin zoomed past $9,770, setting another record high.
The controversial investment has garnered a great deal of interest this year and while it has been called a “fraud” by JPMorgan & Chase (NYSE:JPM) CEO Jamie Dimon while Saudi billionaire investor Prince Alwaleed bin Talal said bitcoin will "implode" one day, bitcoin continues to set new records. At the beginning of 2017, bitcoin was trading below $1,000.
Legendary investor Jim Rogers, when asked by FOX Business’ Stuart Varney if Bitcoin is in a bubble said, “If you just showed me charts, and showed me what has happened in that market for the past year or two, and didn’t tell me what it was, I’d say, Stuart, this looks like every bubble I’ve read about.”
He went on to say, “I don’t own any bitcoin, I’ve never bought or sold so I am not a good one to ask, but it sure looks like a picture of a bubble.”
Not everyone has a negative take on bitcoin. Billionaire and PayPal cofounder Peter Thiel told FOX Business that while he’s skeptical of most cryptocurrencies, bitcoin is “very underestimated.”
Bitcoin’s rally gained impetus since the CME announced that it would launch a bitcoin futures contract. The futures contract is expected to launch sometime before the end of the year, pending regulatory review periods. FOX Business reached out to the CME for comment on the progress on the CME bitcoin futures contract, and they had not responded by the time this article went to publish.