Bitcoin boom is a bubble, warns Bank of America Securities | Business


A leading investment bank has warned that bitcoin investors could be in “the mother of all bubbles” as the digital currency hit a new record high.

The warning comes as figures suggest that British investors have piled into bitcoin this year. Investors using sterling made bitcoin trades worth nearly £1 billion in the first seven days of the year, trading twice as many bitcoins as in all of January last year, aggregated data from digital currency exchanges shows.

Bitcoin, the world’s most popular digital currency, has risen by 42 per cent this year from just below $29,000, after nearly quadrupling in value in 2020. It is closing in on a 1,000 per cent gain since it began its ascent in March last year.

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