The rise of bitcoin has been one of the biggest stories in financial markets this year. Up 150% year-to-date, the sudden surge in prices for bitcoin has surprised even its most ardent proponents, while catapulting digital currencies into mainstream consciousness for the first time.
Bitcoin's rapid ascent has brought with it a spectrum of opinions about whether this asset is the real deal. Is bitcoin here to stay, or is it a bubble ready to burst? To answer that question, ETF.com asked three investing legends for their take on this controversial topic.
Jim Rogers is a famous author, investor and businessman. He's well-known for co-founding the Quantum Fund and creating the Rogers International Commodity Index.
Kevin O'Leary is an entrepreneur who sold his software company for more than $4 billion. Today he's known as Mr. Wonderful on the hit TV show "Shark Tank" and as chairman of O'Shares Investments.
Dennis Gartman is the man behind The Gartman Letter, a daily newsletter discussing global capital markets that's been popular with traders and investors for more than 20 years.
I'm not an expert on the subject, but I know there are several cybercurrencies developing. I do know the world has a big money problem facing us. I do know that in the past few decades, nearly everything we know has been changed and problems are being solved by the internet―and money will be, too.
Our new system of money, whatever it is, is going to be something on the internet. Whether it’s bitcoin or not, I don't know. I’m not smart enough or knowledgeable enough to know.
I do know that, for instance, IBM did not invent the computer. But the people who did invent it, you haven’t heard of. So who knows who will wind up being on top with cybercurrencies?