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Why the bitcoin bubble will eventually burst

Sooner rather than later the old story will end the old way, adding another chapter to the chronicle of investment follies

By Paul Wallace  

Over the past few years most people have either ignored bitcoin, dismissing it as a fad that would fade away, or they have predicted an imminent collapse in its value. But it is now impossible to ignore the “cryptocurrency,” so-called because cryptography is used to secure and verify transactions and to shield the identities of its owners. Bitcoin continues to defy the naysayers as it soars ever higher.

This week brought the first trading in bitcoin futures, which started with a bang as prices initially surged by 25 per cent. At…

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