Bitcoin mania continues. After topping $9,000 threshold the largest cryptocurrency is gaining again now approaching $10,000. Bitcoin has risen more than 40 percent over the past two weeks. By comparison, the S&P 500 Index has a total return of about 18 percent for 2017.
On Monday Bitcoin climbed as high as $9,735.51, which is 17 percent up compared with Friday.
The price of the largest cryptocurrency by market value is soaring as it gains greater mainstream attention despite warnings of a bubble in what not everyone agrees is an asset. From Wall Street executives to venture capitalists, observers have been weighing in, with some more skeptical than others, Bloomberg reported.
Booming Bitcoin is causing headache for analysts and investors. Its rapid rise fuels speculations whether it´s a bubble or not.
According to Bloomberg Bitcoin’s surge in value is forcing Wall Street banks to balance clients’ interest in speculating on the cryptocurrency with executives’ skepticism about its future. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has been one of bitcoin’s most prominent detractors, calling it a fraud and deriding buyers as “stupid,” while his finance chief, Marianne Lake, has struck a more measured tone.