But many investors, on Main Street and Wall Street, disagree.
Ark Investment Management founder and CEO Catherine Wood, an early believer, told CNBC on Thursday that bitcoin is “so much bigger an idea than even Apple, which is a pretty big idea.”
Roger McNamee, co-founder of venture capital powerhouse Elevation Partners, also said Thursday on CNBC that bitcoin might be all hype, but it could withstand a crash and become legitimate, particularly if it sees enough gains in 2018.
Bitcoin started 2017 at around $1,000 per unit on the Coinbase platform. Earlier this month, it surged to a record high of more than $19,000. On the final trading day of the year, bitcoin was around $14,200, a whopping 1,300 percent gain since the beginning of January.
This month, bitcoin futures trading began on the Cboe, bringing a layer of government regulation over the contracts, and a number of brokerages into the digital currency business. But the cash market for bitcoin is basically unregulated.