>> Wild gyrations in the value of bitcoin doing little to stamp out the fire of controversy surrounding the digital currency. Is it the greatest thing since the Apple iPhone, or just a massive bubble waiting to explode?>> Reuters breaking views columnist, Edward Hadas thinks>> He has the answer.
>> I am a hundred percent convinced that this will end well. It's just a kind of nonsense asset. It's full of economic flaws, it doesn't really make any sense, but when something starts going up. You get a lot of people getting enthusiastic about it.>> The value of the krypto currency bouncing back to end the week above ten thousand dollars.
After enduring a stomach churning one day twenty percent plunge>> What helped buyers recover some of their nerve, the controversial asset on the way to legitimacy thanks to a regulatory blessing. The Commodities Future Trading Commission giving the go-ahead Friday for the Chicago Merchentile Exchange and the Chicago Board Options Exchange to launch financial trading contracts related to BitCoin.
We just had today some approvals from government regulators to engage in what really has to be one of the foolish ideas ever, which is a futures market, an asset that has no underlying value so you're really inviting large losses coming forward with that. But it is a serious problem within the sense of financial markets.
And it's a sort of invitation to a loss of credibility for financial investors and regulators to take this seriously.>> But with the value of a Bitcoin soaring 1,000% since the start of the year, finacial markets>> Markets are finding that kind of return too attractive to pass up.
And so are a growing number of everyday people willing to risk they'll know when to cash out before the party ends.