Aberdeen says crypto bubble to burst before coins change finance

New York

PETER Denious, head of global venture capital at Aberdeen Asset Management plc, said we're in the midst of a virtual currency bubble, and like all bubbles, it will eventually burst.

That doesn't mean investors should necessarily steer clear. Aberdeen's venture capital arm, which has about US$1.8 billion entrusted in early stage funds, is considering investing in funds that hold blockchain-based companies and digital coins, Mr Denious said. Still, he said the cryptocurrency boom that's attracting millions into startups and spurring triple-digit gains in their digital tokens isn't sustainable.