Bitcoin has been the talk of town in recent weeks, as the popular digital currency has hit one new high after another. With a market cap now of nearly $300 billion, market watchers are debating whether the asset will keep running higher or is primed for a fall.
AOL co-founder Steve Case is the latest to chime in. While he didn’t denounce it entirely, he thinks a correction is inevitable.
“I’m concerned about some of the speculation surrounding Bitcoin,” he said and compared the phenomenon to the dotcom bubble burst.
Just this week the CBOE launched the first Bitcoin future, but SEC Chairman Jay Clayton issued a warning the same day contracts began trading. The regulator points out that the asset, which is largely unregulated, could be vulnerable to theft or hacking. He also expressed concern over initial coin offerings, which some start-ups are using to raise funds in exchange for cryptocurrencies.
Case also is wary of ICOs, but says he’s bullish on blockchain technology overall.
“I think the opportunity is there,” he said. “Those core foundation technologies are very important, I think they’ll be transformative.”
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