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Bitcoin: A bit ridiculous or a bit brilliant?
Bitcoin is the most well-known type of virtual or crypto currency. It’s creating a lot of buzz at the moment because it is up 6000 percent since the beginning of the year. This means that at the moment it's being traded as a commodity, but the idea is that it becomes a currency itself.
Whether to invest in Bitcoin or not is a question which is dividing expert and investors. Those in favor say the main advantage is that it has a mathematically determined rate of expansion, which means it’s not relying on a central bank to make all the key decisions.
Speaking about this, Chris Brauer from Goldsmiths College, University of London, says: "Bitcoin is here to stay. Let the machines do the calculations instead of the central banks."
But someone who is not convinced from an investment point of view is Saxo Bank's Steen Jacobsen. He says he would "prefer to invest in something real" but adds that the concept is interesting "because of the flaws in the current monetary systems".
Meanwhile, trader Clive Lambert from FuturesTechs thinks Bitcoin is not going to last: "We had the Tulip bubble, the gold bubble, the dot com bubble, and now this - it’s ridiculous and it’s doomed."
01:50 minutes
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