"I would simply not recommend this to the everyday investor," Ulrich Stephan, chief strategist at Germany's largest lender, said on Wednesday.
Stephan said that fluctuations are too great and regulation too scant. He noted that German investors were reluctant to invest in stocks, but were generating hype about bitcoin. Bitcoin smashed through the $8,000 level for the first time over the weekend and traded at $8,216 at 1523 GMT on Wednesday, with many experts saying $10,000 is possible.An eightfold increase in the value of the volatile cryptocurrency this year has led to multiple warnings of a bubble, and institutional investors are broadly staying away. Retail investors, however, as well as some hedge funds and family offices, are piling in despite JPMorgan Chase & Co