Bitcoin moved into record territory on Wednesday, hitting $12,000 after gaining $500 since the day’s open in Asia.
Bitcoin is currently trading at $12,725 (1037GMT), pushing bitcoin’s market capitalization beyond $200 billion for the first time, according to CoinDesk’s Bitcoin Price Index shows.
However the price increase has sparked yet more criticism from those against bitcoin, arguing that the Bitcoin bubble is closer to bursting.
Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at investment bank Morgan Stanley, said on Tuesday:
“This is a toxic concept for investors,” Roach said, adding that “it is a dangerous speculative bubble by any shadow or stretch of the imagination.”