Adeney is not alone in his attitude toward bitcoin.
"Shark Tank" star and investing expert Kevin O'Leary agrees that the cryptocurrency is too volatile to function as a currency.
"The fact is, it is so unstable — volatility is both directions, it's up and it's down — that nobody in a substantive transaction will take that risk," O'Leary told CNBC Make It in December. "So it is a long way from being a currency.
Instead, O'Leary likens buying bitcoin to gambling in Las Vegas. So does Tony Robbins.
Jordan Belfort, notoriously known as the "Wolf of Wall Street," has also warned investors against buying into the bitcoin frenzy.
"I think it's a huge danger right now that people are looking at this as the next great thing," Belfort previously told CNN Money. "It's a bubble for sure."
A laundry list of other financial experts and investors are also bucking the bitcoin trend, and are warning people to approach the risky investment with caution. JPMorgan Chase CEO Jamie Dimon has dubbed bitcoin as a "fraud" and CNBC's Jim Cramer on "Squawk Box" has likened the cryptocurrency to Monopoly money.
"It's kind of like Monopoly money. Obviously, there's people who use it. If you ever say anything bad about it, there's like this bitcoin mafia that comes after you. But it is an oddity that has nothing to do with us," Cramer says.
The value of bitcoin continues to ferociously fluctuate, and is currently trading at a little over $14,800 according to CoinDesk. Over 100,000 merchants worldwide accept bitcoin, CNBC Make It previously reported. Meanwhile, its rival cryptocurrency Ripple recently hit an all-time high with a value of $3.20.
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