Bitcoin is without a doubt the trending financial instrument of the decade. What started as a doubtful way of anonymous online payment alternative, has turned into a widely traded side stock market. Is Bitcoin here to stay though, or just another bubble about to burst?

There are more than 1300 different cryptocurrencies at the moment, with Bitcoin being, by far, the most popular. It reached a $11,700 High last Sunday, doubling its value within one month. The Bitcoin frenzy comes in extreme forms, with people even selling their properties to buy Bitcoins.

The ones that see an inflating bubble

Attracting the attention of every authoritative official, the Bitcoin is dominating the Cryptocurrency market with 55.9% share and a market cap of $190 billion. Jamie Dimon, CEO at Morgan Stanley said that it’s the most famous asset bubble in history, comparing it to the tulip bulb bubble in the 17th century. Nobel Prize-winning economist, Joseph Stiglitz said that the popular cryptocurrency is just “smoke and mirrors.” There is no background behind it and that eventually, it will collapse.

‘Bitcoin is successful only because of its potential for circumvention, lack of oversight. So it seems to me it ought to be outlawed.

It doesn’t serve any socially useful function.’ - Joseph Stiglitz

The ones that see a huge speculating opportunity

Someone would expect that these warnings would create panic to potential investors, but the Bitcoin is still rising. Its extremely high volatility offers great speculative opportunities. Michael Novogratz, a former hedge fund manager, believes that we haven’t seen anything yet about the Bitcoin and that he expects it to quadruple until the end of 2018.

As the Bitcoin growth reached 900% in 2017, more and more reputable financial institutions, are looking into implementing Bitcoin trading in the services. Lloyd Blankfein, CEO at Goldman Sachs says that he is still thinking about the Bitcoin, as people were also sceptical when paper replaced gold, while his firm is about to set up a trading operation for Bitcoin.

Nasdaq will offer Bitcoin futures trading as a new service from the beginning of 2018.

But Is it possible for the Bitcoin to be outlawed?

While everyone is entitled to their opinion, the magnitude changes when it comes from an authoritative source. Then an automated thought comes into our mind, whether there’s a hidden intent behind it. There are various interpretations of this subject.

Some Bitcoin enthusiasts, believe that eliminating the Bitcoin is impossible. There is not a centralized source from which Bitcoins are produced, it is open source, which means that anyone can produce or transact at any time, any place.

Others say that while governments could easily outlaw the cryptocurrencies at will, their market size is not yet such a threat to them, although there is the potential to grow.

Another theory, says that governments fear of the unintended consequence by banning the Bitcoin. It is preferred for them to weaken the digital threat using the media to influence the public, rather than officially banning it which could have the opposite result, making the Bitcoin more attractive.