Source: cityam.com

A new report has revealed a huge majority of UK institutional investors think bitcoin represents an unsustainable bubble.

Bitcoin has soared to unbelievable heights this year. In the past week alone, it rose more than $5,000 to reach an all-time high of more than $15,000.

As its value skyrockets, so do analyst- murmurings of- tulips and the dot-com- bubble.

An annual survey- published today by Natixis Investment Managers has identified bitcoin as the top concern among the UK's institutional investors, ahead of traditional market volatility or interest rates.

The research- said 82 per cent of Britain's institutional investors -- pension funds, insurance companies and endowments -- believe that bitcoin is a bubble ready to pop.

Today, bitcoin climbed to $15,000 just one day after it passed $12,000 for the first time ever.

-quot;Is this going to be the next big leg in price discovery or the beginning of the crash market sceptics have been warning against for the biggest cryptocurrency?-quot; asked- Naeem Aslam, chief market analyst at Think Markets.

Aslam said bitcoin was -quot;defying gravity-quot;.

-quot;Bitcoin is on its eighth- straight day of advance, crossing the level of $15,000 with trading volume hitting in excess of $13bn- on Thursday.

-quot;The price advance comes amid speculations of a likely correction given the consistent overbought conditions in the market but bitcoin just seems to be defying gravity,-quot; Aslam said.

Craig Erlam, senior market analyst at Oanda, said: -quot;It will be interesting to see what happens once Bitcoin futures are launched on Cboe- and CME and traders are given the chance to short, should they be brave enough.-quot;

Read more: Bitcoin mining explained: How does it work and what needs to be fixed?


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