Bitcoin price (BTC/USD) surges above $13,000 after strong gains on Wednesday

Famous economist Stephen Roach criticises the original cryptocurrency, calling it “dangerous speculative bubble”

Bitcoin price (BTC/USD) surges above $13,000 after strong gains on Wednesday

Just a few hours after breaking above $12,000, the Bitcoin price (BTC/USD) topped the $13,000 mark too, thanks to big gains in today’s trading

According to data from Coinmarketcap, the cryptocurrency briefly traded above the $12,000 in yesterday’s afternoon session, but it eventually finished the day at $11,916.70. The real breakthrough happened in the early hours of today’s morning session, when the cryptocurrency gained enough momentum for a sustained run above $12,000. At the time of writing, the Bitcoin price was trading at all-time highs just over $13,000, as per Coinmarketcap data.

The latest price record comes just a couple of days after Cboe Global Markets announced that it would launch Bitcoin futures on its Cboe Futures Exchange platform this Sunday, just over a week ahead of its local rival CME Group. In addition to the two Chicago-based companies, Cantor Exchange is preparing to launch binary options for Bitcoin around the time of the CME launch.

While its meteoric rise has been celebrated by many investors, Bitcoin has received harsh criticism from prominent figures in the financial and investing circles. Yesterday Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at Morgan Stanley, explained in comments to CNBC why he was deeply skeptical of investing in the cryptocurrency.

"This is a toxic concept for investors," Roach said, as quoted by CNBC. "This is a dangerous speculative bubble by any shadow or stretch of the imagination."

"I've never seen a chart of a security where the price really has a vertical pattern to it. And bitcoin is the most vertical of any pattern I've ever seen in my career," he added.

In today’s trading, the Bitcoin price stood at $13,033.50, as of 12:46 GMT. The cryptocurrency has risen 10.2% in the past 24 hours and its total market cap currently stands at nearly $218 billion.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

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