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Bitcoin’s 80-Fold Run-Up Is Unlikely to Last, Offit Says

Bitcoins probably won’t become a popular method of exchange as competing “crypto-currencies” crowd the market, confusing merchants and sending them back to credit cards and cash, Offit Capital said.

“Why should I pay $1,000 for a Bitcoin when I can acquire a Bbqcoin for $10 or a Hobonickle for 10 cents?” Todd Petzel, chief investment officer of the New York-based private wealth-management firm, said in a report yesterday. “They are all costless to produce, and consequently ultimately worth as much.”