Earlier this week we posted on the surge in value for Bitcoin since it leapt above $9,000 on Sunday, hitting an all-time high until Monday morning reports from CNN alleged the currency was trading for $9,500 in Asia. Just yesterday the possible 'future currency' has surged past $10,000 and $11,000 in a matter of hours.
The major success leaves many Wall Street workers curious if Bitcoin's meteoric rise will burst, such as past financial crashes like real estate in 2007 and Internet in 1999. Only time will tell if the gain of 1,000% in stock since Wednesday will come crashing down, or if this new Bitcoin craze has finally gotten on the right track to becoming a currency that has more weight than gold.
"It's no wonder people are questioning whether this is a bubble," Craig Erlam, the senior market analyst at Oanda says, via US Today. David Mondrus, CEO of Trive ( a site that kills fake news), adds, "Bitcoin is without a doubt the currency of the future."
Although many are for Bitcoin, that has been around since 2009, many think the growth in the possible currency is simply a fad, fraud or a bubble that will pop as it continues to get bigger.
Jack Bogle, the founder of Vanguard, an investment management company, warns people to steer clear of Bitcoin. "There is nothing to support Bitcoin except the hope that you will sell it to someone for more money than you paid for it."
Big investors are sharing their thoughts on the trend, urging people to think twice before investing in something they think will gain them more money down the road.
"Everyone wanted tech stocks in 1999 and were willing to pay any price to get them with no regard for the underlying value," Brad McMillan, an executive for a finance service company says. "When demand slackened, so did values. I suspect Bitcoin is in the middle of the same ride."
What do you guys think? Will Bitcoin ever be more of value than a dollar, gold or major stocks?