As bitcoin trades at US$40,000 levels, it continues to divide opinion

EVERY speculative asset opens up a divide between the bulls and the bears, but few have become as bitter as that over bitcoin.

Bitcoin bears such as Warren Buffett have used terms like "rat poison squared" to express contempt for what they see as inordinate risks for losses and fraud in the intangible, unregulated currency.

Sceptics such as economist Nouriel Roubini say cryptocurrencies like bitcoin adhere to the "greater fool theory" of financial scams, where holders seek out gullible newcomers to sell on overvalued assets.