Bitcoin has been defying all expectations, quadrupling in value since last year. Even after posting its worst two-day decline since March, Bitcoin is still up about 20% so far in 2021. On Wednesday, the cryptocurrency was up another 6.8% to $36,417.
Despite its meteoric rise and inherent volatility, analysts including JPMorgan expect Bitcoin has further to run - by their calculation a lot further, as high as $146,000. At the same time, others see Bitcoin as a bubble waiting to burst.
So, where could it go from here?
Eric Schiffer, Chairman of The Patriarch Organization, a private equity firm in Las Angeles, spoke with TheStreet's Corey Goldman to discuss what is driving Bitcoin's rise and why long-term investors should be cautious.
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This video was edited by TheStreet's Roland Marconi.