Jeffrey Kleintop, Charles Schwab’s chief investment strategist, was asked about the recent success of bitcoin and whether cryptocurrency is just a bubble to which he stated that the technology “is something different.”
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“…I think the bitcoin bubble, if you want to call it that, is something different. If prices for bitcoin were to plunge suddenly, because it’s so independent from the financial system, it’s kind of its own thing. It hasn’t yet become embedded in the economy and the financial structure,” said Kleintop in an interview with Business Insider.
Last week, the price of bitcoin fell to below $13,000 after hitting a high of over $20,000.
At press time, the price of bitcoin is $16,175.50, up 14.82 percent on the day.