Burton Malkiel called Bitcoin the most bubble asset on the market
The famous American economist Burton Malkiel warned about the risks associated with investing in bitcoins.
I can assure you that if the Bitcoin exchange rate reaches its maximum, it will attract a lot of people who will be afraid of missing out. I'm afraid many will get hurt.
What worries me is that Bitcoin is the most bubbly asset on the market. I have no idea to what level the price of the coin will rise. $100,000? Quite possibly. $200,000? “Why not,” Malkiel said.
Burton treats Bitcoin as an asset suitable only for speculative trading, because the high level of volatility in the coin's price makes it unsuitable for use as a means of payment by honest people. However, to maintain privacy, Bitcoins are used by criminals, such as drug dealers and hackers, who are willing to put up with fluctuations in the price of the cryptocurrency.
