GETTY The value of bitcoin is dramatically rising. A single coin is now worth $7,600.

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The value of the currency has dramatically increased over the course of 2017 and a single coin is now worth $7,600 (£5819), up 750 per cent from $973 (£745) at the start of the year. The sudden growth of the currency has led financial advisors to warn that the coin may be about to crash. Scott Kelly, CEO of Black Dog Venture Partners, has said the fact so many people are now trading in the currency could be responsible for bitcoin to crash.

He said: “A month before the 1987 crash, my cab driver said he started day trading. “A month before the real estate crash in 2007 in Arizona, my cab driver said he was getting into flipping real estate. “Last week, my Uber driver said he just started trading Bitcoin.”

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The 2007 crash in the real estate market led to banks around the world writing off more than $200billion. Bitcoin was first traded as a currency in 2008 and an early investment of $1 in bitcoin is now worth millions of dollars. Tidjane Thiam, Credit Suisse CEO, has agreed with Mr Kelly’s assessment.

He said: “From what we can identify, the only reason today to buy or sell Bitcoin is to make money, which is the very definition of speculation and the very definition of a bubble.” Many financial investors have told clients not to invest in bitcoin arguing that the currency will collapse. Jason R. Escamilla, CEO of ImpactAdvisor, has said the price level in bitcoin is “unsustainable” and has to end.

GETTY Bitcoin was first traded as a currency in 2008 and an early investment of $1 in bitcoin is now worth

GETTY Financial investors have warned clients the currency may collapse.