A Wall Street CIO has predicted that Bitcoin will experience a massive drop in prices when the so-called Bitcoin bubble finally bursts. The Bleakley Advisory Group Chief Investment Officer, Peter Boockvar, believes that Bitcoin will continue to trade for many years but warned of a potential price drop of up to 70-90% in 2018.

He also criticised claims that the stock market would collapse if Bitcoin were to crash saying that the cryptocurrency is not important to the multi-trillion dollar stock market. Boockvar added that cryptocurrency investors in countries such as the US, Japan and South Korea would be hit the hardest.

The rise in interest in digital currency is as a result of the fact that such currencies appear more charismatic to investors and traders as they are often believed to offer security against the pressures of inflation and debasement. However, cryptocurrencies are also very volatile.

Peter Boockvar is not the first person to describe bitcoin as a bubble, however. Nobel prize winner, Robert Shiller previously likened the virtual currency to a bubble and earlier this month, said he didn’t understand bitcoin or the apparent craze. Shiller also said the digital currency could still be around for centuries to come.