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Old 19-12-2017, 03:03
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Bitcoin mania: Join the rush or beware the bubble?

When the Wall Street Journal runs a headline that reads Bitcoin: Even Grandma Wants In On The Action, you’re simply compelled to find out more about the stand-out cryptocurrency that is grabbing all the attention.

For months now, Bitcoin’s rapid price swings have been prompting volatility-starved investors to join the biggest speculative boom since the dotcom fever in the 1990s.

In the space of 24 hours this week, Bitcoin rallied to an all-time high of $11,434 before sinking as much as 21% to $9,009, having started 2017 at $968.23, according research site CoinDesk.

The temptation to join the rush is tempered by the fear that its value is being driven purely on speculation and that the bubble is about to burst. Then John McAfee – founder of the eponymously named software – doubled down on his previous prediction and claimed this week: “I’ll eat my own d**k on national TV if Bitcoin doesn’t surpass $1 million by 2020.”

More and more investors have chosen to set aside Bitcoin’s questionable past, for instance its use by criminal elements, and focused on the potential that it could replace gold as an investment to hold when faith ebbs in fiat currencies.

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