Deutsche Bank’s (TIKER: DB.NYSE) chief strategist Ulrich Stephan has warned about the virtual currency Bitcoin (TIKER: BTC.EXANTE) as an investment, Reuters reported.
“I would simply not recommend this to the everyday investor,” Stephan said on Wednesday.
Stephan said that fluctuations are too great and regulation too scant. He noted that German investors were reluctant to invest in stocks, but were generating hype about Bitcoin.
Bitcoin smashed through the $8,000 level for the first time over the weekend and traded at $8,216 at 1523 GMT on Wednesday, with many experts saying $10,000 is possible.