Bitcoin prices 'bubble-like' after record rally: BlackRock

Hong Kong

WITH bitcoin prices up 17-fold this year and sitting above the US$16,000 mark, valuations for the cryptocurrency are in "extreme" territory, according to BlackRock.

"We are seeing sort of bubble-like valuations," Belinda Boa, the money manager's head of active investments for Asia-Pacific, told reporters in Hong Kong. "BlackRock's view is that this isn't a financial asset like we would trade in terms of equities and fixed-income instruments."