Bitcoin Described as a ‘dangerous speculative bubble’

Stephen Roach, Yale University senior fellow and the former Asia chairman and chief economist at investment bank Morgan Stanley says Bitcoin is in a “dangerous speculative bubble.”

“This is a toxic concept for investors,” said

Roach, described by Yale as one of Wall Street’s most influential economists, spent the bulk of his 30-year career at Morgan Stanley heading up a highly regarded team of economists around the world.

He had a critical take on the explosion of buying the world’s most popular cryptocurrency.

“This is a dangerous speculative bubble by any shadow or stretch of the imagination,” he told CNBC’s “The Rundown.”

Bitcoin has surged more than 1,000 percent this year, accelerated by rising interest from retail and institutional investors who view the digital currency as a possible future means of exchange and store of value. Read: