Nick Colas, has got Wall Street confused about whether or not to enter cryptocurrency by urging the investors to think twice before entering the crypto market. It was stated in an interview with CNBC on May 4th.
Nick Colas is a Co-founder of DataTrek Research which is an investment analysis firm. He has vast experience of 30+ years in Wall Street making him a person who people turn for in advice for equity research, money management, and investment banking. He is known around the Cryptocurrency world for being the first Wall Street analyst to begin tracking Bitcoin in 2013.
In his recent interview with CNBC sparked confusion by urging investors to think twice before entering the bullish crypto market.
“A lot of people [are] asking [whether] now [is] the right time to buy, and the short answer is no, for two fundamental reasons. The first is we’re not seeing a lot of incremental engagement from people interested in buying Bitcoin for the first time, and like any new technology you need new adopters to come in to make it more valuable. And in terms of Google searches, they are way down from the peaks back in December and January, [by] 85 to 90 percent…” Colas said in the interview.
He also stated about the lower percentage of people opening Bitcoin wallets with only 2.2% people opening Bitcoin wallets as compared to the 5-7% monthly growth last year.
Colas had believed in Bitcoin’s future thanks to its technology, however, the volatility is something he is not a fan of.
“Certainly in retrospect, it was absolutely a bubble based around the Futures launch in December … [I’ve covered Bitcoin] since 2013, [I] fundamentally believe in the structure of the technology and the story, but it obviously has huge price volatility around it, and we’ve seen that even in the past month with [the market] rallying as much as it has,” Colas said.
The end conclusion by Nick Colas was, “We’re getting a lot of people asking: Is now the right time to buy? And the short answer is no…”
While Colas is on the negative side of Bitcoin, plenty of other Wall Street financial experts are positive about Bitcoin’s dominance. For example, Fundstrat Global Advisors’ Tom Lee believes that Bitcoin will reach new heights in July, with predictions of $25,000 by the end of the year. He forecasts that Bitcoin will touch the $91,000 mark by March 2020.
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