Bitcoin bubble 'just about to burst,' major money manager Bitcoin bubble 'just about to burst,' major money manager
2 Hours Ago | 00:49
Bitcoin prices are in a bubble that will burst in the near future because the cryptocurrency has many inherent flaws, Allianz Global Investors said in a report.
"It appears to us that bitcoin mania is a textbook-like bubble – and one that is probably just about to burst," the asset manager's head of global economics and strategy, Stefan Hofrichter, said in an online post distributed Friday. "As a currency and asset class, bitcoin has potentially fatal flaws – which is why we believe it's a matter of when, not if, the bitcoin bubble will pop."
Bitcoin has fallen sharply since leaping 2,000 percent in the 12 months through December to a record high above $19,000. The cryptocurrency was trading near $8,700 on Wednesday, according to CoinDesk's bitcoin price index.
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