The list of economists, attacking bitcoin with criticism, has been joined by the chief economist of the Bank of Singapore.

Bitcoin is a bubble, and its price grows only due to the fear of market participants who do not want to be left on the sidelines of explosive profitability.

Bank of Singapore's chief economist weighs in on Bitcoin, calling it a “non-sense Ponzi scheme bubble.”

“Everybody has that fear of being left out which is what you had nearly twenty years ago with dotcom bubble,” said Richard Jerram to CNBC.

According to him, just like in the dotcom bubble, people rush to buy "rubbish" with "no prospects" just fearing that the price has risen a lot and could continue surging.

“Because you feel that you are missing something, you want to jump onboard,” went on Jerram.

He claims that bitcoin's intrinsic value is zero and investors risk losing everything when things go wrong.

Bitcoin is still traded above $11,000. The price is fueled by the recent announcements, made by CME Group and Cboe about the launch of bitcoin futures trading. Thus, the first exchange to launch bitcoin futures trading will be Cboe, which start trading operations on 10 December, with 11 December being the first full trading day. CME Group is scheduled to launch its bitcoin futures trading on 17 December, with 18 December being the first full trading day.