Bitcoin’s price “feels speculative,” according to the chief equity strategist for Nuveen Asset Management.
Speaking with CNBC nowadays, Nuveen’s Bob Doll made the remark, becoming the newest conventional finance analyst to point to the speculation in the market. Doll’s comments were driven by bitcoin’s surge to a new all-time higher, following its jump above $9,000 this weekend.
Speculative elements aside, Doll added that “it is been an wonderful run” for bitcoin.
He told the network:
“I confess it’s an area of that to me feels speculative, but you might contact me old or old-fashioned. It really is been an amazing run, has it not?”
Doll also indicated that the cryptocurrency price tag ramp has gotten some quarters of the finance globe speaking, though what that interest will lead to remains to be observed.
“‘With bitcoin, why do you require the stock market place?’ has been the saying of late,” Doll quipped.
Doll isn’t the 1st from Nuveen – which was founded in 1898 and boasts roughly $948 billion in assets beneath management – to comment on cryptocurrency markets.
In October, Nuveen announced plans to put some of its significantly less liquid assets onto exchange-traded funds. According to Bloomberg, the firm remarked at the time that bitcoin’s rise indicated an interest in new approaches to transact currencies.
The firm also recommended that it sees blockchain providing “some real usefulness and potential in the market place,” although it cautioned that any possible applications of the tech in the finance space remain in development.
Image via YouTube/Bloomberg
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Disclaimer: This article must not be taken as, and is not intended to give, investment advice. Please conduct your personal thorough analysis before investing in any cryptocurrency.
Published at Mon, 27 Nov 2017 17:50:19 +0000