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  • Los Angeles Times

    When Grandma and Grandpa join the bitcoin frenzy, you know it's is turning into a bubble

    by Michael Hiltzik, Los Angeles Times Dec 01, 2017 5 minutes

    One day in 2013, when the price of bitcoin had crashed to $600 from $1,200 in a matter of hours, I wrote that this showed that the virtual currency was a dumb investment.

    Three months ago, when the price hit $5,000, I again called it a dumb investment.

    So what about now, with bitcoin trading at about $10,000?

    Yes, it's still a dumb investment. In fact, dumber than ever.

    To bitcoin's faithful, this is a ludicrous statement. They ask: How can an asset enjoying a parabolic rise be a dumb investment, especially as it is increasingly accepted by major financial institutions?

    Just Thursday, the Big Four accounting firm PwC said it had accepted bitcoin as payment for services for the first time. On Friday, the Commodity Futures Trading Commission approved bitcoin futures to be traded on the Chicago Mercantile Exchange

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