Digital Currency Surges Despite Big Bank Warnings
SMITH BRAIN TRUST – It seems like everyone is sounding the alarm lately about bitcoin and the ever-expanding world of cryptocurrencies. It's a fraud, says JPMorgan Chase’s Jamie Dimon. It's a bubble, says hedge fund founder Ray Dalio. Authorities in China and South Korea, meanwhile, have launched regulatory crackdowns. It's not surprising that people are raising concerns, says the Smith School’s Joseph P. Bailey. Bitcoin is the largest and most well-known of the growing class of digital-based cryptocurrencies. Its price action has always been volatile, but its trajectory generally has been steep and upward. Overwhelmingly so. Consider: Bitcoin’s 52-week trading low was around $752, but last month, it touched a historic high at $4,950. Then came some harsh words from JPMorgan's Dimon and the virtual currency plunged to around $3,030, before clawing higher again. It's not easy to knock bitcoin down. Read more at WAMU...
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