Bitcoin 'like a runaway train'

Central Station | 8 Dec 2017

Bitcoin plowed past US$15,000 (HK$117,000) to a fresh record yesterday as investors continued to pile in, triggering a warning the cryptocurrency was "like a charging train with no brakes" and prompting fresh concern about its looming launch on mainstream markets.

It touched a new high of US$15,242 around 6.30pm Hong Kong time.

The rally came a day after the virtual currency hit US$12,000 mark for the first time, while it has soared over 50 percent in a week. Bitcoin has risen from a low of US$752 in mid-January. US regulators last week cleared the way for bitcoin futures to trade on major exchanges, including the world's biggest futures center, the Chicago Mercantile Exchange.

"Bitcoin now seems like a charging train with no brakes," said Shane Chanel, from Sydney-based ASR Wealth Advisers. "Once the hype slows down, we will most certainly see some sort of correction," he warned.

Bitcoins are the future: Page 28

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