Bitcoin zoomed past $11,000 US on Wednesday and then just as quickly dropped to $9,000, stoking concerns that a rapidly swelling bubble could be set to burst in spectacular fashion. Even after Wednesday's seesaw day, the value of bitcoin has gained more than 1,000 per cent this year, a rapid ascent that led to countless warnings that it has reached bubble territory. "The bitcoin price is easily manipulated," the bank said in a report last week. On Wednesday, he predicted on Twitter that the price of a bitcoin would hit $1 million by 2020. In some emerging markets, bitcoin is worth even more than it is on the main trading exchanges.

Source: CBC News November 29, 2017 15:56 UTC