Bitcoin trader Yoshinori Kobayashi speaks in a media interview in Tokyo on December 12. The virtual currency Bitcoin has seen an extraordinary rise throughout 2017 but has left many convinced that it is a bubble waiting to pop. Photo: Reuters

Bitcoin bubble embodies our bipolar year of optimism and doubt

Andrew Sheng says cryptocurrency has some clear vulnerabilities that make its current highs temporary, but before the coming market correction, optimistic traders will carry on as they did before the 2008 global financial crisis

Topic |   Bitcoin

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Bitcoin trader Yoshinori Kobayashi speaks in a media interview in Tokyo on December 12. The virtual currency Bitcoin has seen an extraordinary rise throughout 2017 but has left many convinced that it is a bubble waiting to pop. Photo: Reuters
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Andrew Sheng

Andrew Sheng

Andrew Sheng is a former central banker and financial regulator, currently distinguished fellow at the Asia Global Institute, University of Hong Kong. He writes widely on Asian perspectives on global issues, with columns in Project Syndicate, Asia News Network and Caijing/Caixin magazines. His latest book is “Shadow Banking in China”, co-authored with Ng Chow Soon, published by Wiley.