At 3:09 p.m. (2009 GMT) on Tuesday, bitcoin was up 15 percent at $16,030 in light trading on the Luxembourg-based Bitstamp exchange. "The latest price move shows bitcoin is still a speculative investment. "There is no right current price which would reflect the right current valuation," said Andrei Popescu, Singapore-based co-founder of COSS, which describes itself as a platform that encompasses all features of a digital economy based on cryptocurrency. "Taking profit is right, while buying into a long term projection is also right. "We therefore think that bitcoin is a product that is unable to fulfil the basic functions it is meant to fulfil.

Source: The Star December 26, 2017 20:26 UTC