05 Apr '13, 10am

Bitcoins are a bubble

First there was Tulip Mania. Then there was the dotcom craze. And let's not forget the run-up in housing prices. The newest bubble on the block is in Bitcoins, a 4-year-old virtual currency that has already increased ten-fold this year. And like all other bubbles, this probably won't end well for any investors who jump in way too late. Prices have nearly doubled during the past two weeks, and show no sign of slowing anytime soon. "It is rare that we get to see a bubble-like phenomenon trade tick for tick in real time," said Wall Street veteran Art Cashin in a recent note to clients. "But all that may be changing -- before our very eyes -- quite literally." Related: Bitcoin ATMs coming soon According to Jesse Colombo, an independent financial analyst and investor who keeps close tabs on bubbles at TheBubbleBubble.com , the Bitcoin bubble is currently in a mania phase. "We'r...

Full article: http://buzz.money.cnn.com/2013/04/05/bitcoin-bubble/

Tweets

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