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Is the Bitcoin bubble about to burst?

Article image for Is the Bitcoin bubble about to burst?

As the price of Bitcoin passes US$17,000 the Reserve Bank of Australia has issued a significant warning.

RBA Governor Philip Lowe says, “the current fascination with these currencies feels more like a speculative mania than to do with their use as an efficient and convenient form of electronic payment”.

New Zealand’s Reserve Bank Acting Governor Graeme Spencer says, “it looks remarkably like a bubble forming to me”.

Ross Greenwood speaks to payments expert, Adjunct Professor Steve Worthington.

“I think they’re a bit of a pyramid scheme really. Those who get out at the top do well at the expense of the latecomers who buy in at the top and bow out at the bottom.”

Click PLAY below for more on the Bitcoin bubble

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