Bitcoin was created eight years ago, and at the onset, it was worth pennies. But over the last year, the price started to soar, peaking for a brief time as high as $18,000.
Some analysts believe Bitcoin could goes as high as a $100,000 before crashing to zero – becoming worthless.
The investment frenzy includes reports of people taking out second mortgages to invest for their retirement and homes being sold only in Bitcoin.
There are plenty of skeptics, including billionaire Warren Buffett who called the currency basically a “mirage.” And Jamie Dimon, the CEO of financial powerhouse JPMorgan Chase, thinks it’s a “fraud.”
Is Bitcoin the equivalent of buying a lottery ticket?
To discuss Bitcoin our panel includes:
- Saruhan Hatipoglu, CEO of Business Environment Risk Intelligence and CGTN’s Global Economics Analyst
- Peter Schiff, CEO and chief global strategist of Euro Pacific Capital
- Peter Van Valkenburgh, director of research at Coin Center, a nonprofit cryptocurrency research and advocacy organization
- Robert Siciliano, Security Analyst with Hotspot Shield and expert on cybercrime
— Bloomberg (@business) December 14, 2017
As a psychological phenomenon, the Bitcoin market is fascinating, says Robert J. Shiller, the economist. He is less impressed by Bitcoin's fundamental value. https://t.co/y67gVEN1ln
— NYT Business (@nytimesbusiness) December 15, 2017