Cryptocurrency bubble

A major fund manager claims we are in the midst of a virtual currency bubble, and like all bubbles, it will eventually burst.

The altitude of virtual currencies has broken through incredible levels in recent weeks. Bitcoin price has more than tripled in value, going from $900 in Jan 2017, to over $2,700.

The newest name breaking through is Ethereum which has seen its price has risen from under $8 in January 2017, to $350 currently, a mind numbing gain of several thousand percent.

Gold Rush Hysteria

Peter Denious, head of global venture capital at Aberdeen Asset Management sees things differently however.

Speaking to financial news service «Bloomberg» Denious said «Prices right now aren’t being driven by network usage, they’re being driven by speculation that tokens are going to appreciate. It’s a gold-rush mentality.»

Not Sustainable