In less than 12 months the price of bitcoin increased 700, giving encouragement to

numerous critics to label cryptocurrency as a bubble. Bitcoin's price has gone from around
$600 in September 2016 to $15,720 on current date.

But in recent weeks the cryptocurreny has suffered heavy sell-offs amid a crackdown by China- and
Mr Dimon's comments have not helped.

Billionaire investor Howard Marks has also denounced bitcoin and earlier this year said it was
nothing but a pyramid scheme.

The co-chairman of Oaktree Capital said the digital currency has little value and the price has simply
been pushed up by speculators.

Chris Beauchamp, chief market analyst at IG, said: "A bubble in financial markets is defined as an
asset that strongly exceeds its intrinsic value.

"So, to establish if there is a bitcoin bubble, we must first derive value for bitcoin, beyond that of a
daily moving price.

"And here we have a problem.

"Stocks can be valued by their earnings, sales, book value or a host of other metrics.

"Bitcoin, on the other hand, is much harder to value.

"Rather than an intrinsic value, bitcoin is a story, one that latches on to the angst felt by people in the
developed world."

The price is now hovering at around $3,800, with losses coming after as China shuts down local
bitcoin exchanges.

However, some experts believe the price could rebound and push even higher in the coming months
and years.

Mr Beauchamp said: "Bitcoin may well be a bubble, but that wont stop the price from going up.

"Instead, we will need to see a new rival emerge, or see a general disillusionment with
cryptocurrencies take hold.

"For now, it is tradeable, but it requires iron discipline and risk management. It is certainly not for the
faint-hearted.