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.
-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;