TAIPEI, Taiwan, Dec. 14, 2017 /PRNewswire/ - Clifford Beaumont have highlighted that with Bitcoins recent surge demonstrating the most impressive rally this week, consolidating above the $17,000 level, some investors and analysts are concerned about a potential "bubble-like" valuation.
Yao Jiang Head of Research for Asia-Pacific at Clifford Beaumont said: "Bitcoin is definitely an impressive phenomenon. Everyone is talking about it this year, many of them saying it is a bubble. I cannot have a specific position, but I'm afraid Bitcoin is different from old economic concepts."
Since the beginning of this year, Clifford Beaumont's research and analysis department has said that Bitcoin quotation has increased by 17 times, which is an astronomical performance even compared to the most volatile stocks out there. In January 2017, investors could buy one Bitcoin for around $1,000, while last week, the price crossed $18,000, setting a record peak.
Patrick Morris, Head of Corporate Trading at Clifford Beaumont, showed a moderate position: "I don't know where it will end, but as much as you and I are talking, it's going to be the biggest bubble and it will collapse. I'm sure it will collapse, but will it happen in the next month or two or three, who knows?"
"In the end, I think the position of regulators from advanced economies like the US and the EU will be decisive for Bitcoin's fate," he added.
Bitcoin price received much support on the news that Chicago-based CME Group Inc, the largest futures market operator, is ready to launch Bitcoin futures.
However, Bitcoin futures contracts have already debuted on Cboe Global Market Inc.'s exchange. Some investors expect that once Bitcoin gets into these big marketplaces, its volatility will slow down.
About: Clifford Beaumont is an independently owned provider of financial planning services and comprehensive wealth solutions.
SOURCE Clifford Beaumont