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Bitcoin price rally "amazing" but "speculative": Wall Street strategist

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Wall Street strategist, Bob Doll, said the record bitcoin price rise could depend on investor speculation. it does not detract from the fact that he is on an "incredible race".

Doll, equity strategist at Nuveen Asset Management, said CNBC that the meteoric rise of bitcoin "felt speculative," but that it was not the same. it was fascinating to watch

"With Bitcoin, why do you need the stock market?", Recently told the saying, said Doll. "I confess that 39 is an area that seems to me speculative, but you could call me old or old-fashioned. It's been an incredible race, is not it? "

Despite several severe corrections, the price of bitcoin has maintained its upward trajectory throughout the year. However, the markets went completely crazy in the fourth quarter. Since entering the quarter at $ 4,341, the price of bitcoin has jumped more than 120%. On Monday morning, he reached a new record high of $ 9,771, placing him under $ 250 for the first time.

At the present time, the price of bitcoin is trading at a world average of $ 9,690, according to data obtained from CoinMarketCap. Supported by bitcoin, the combined market capitalization of all cryptocurrencies has become greater than Bank of America, Wells Fargo or Visa valuations.

<img class="wp-image-124781" src="" alt=" bitcoin price "width =" 1100 "height =" 639 "/>

Bitcoin Price Chart | Source: BitcoinWisdom

For Doll, the recent explosion of bitcoin seems linked to the speculation that Wall Street investors are putting the finishing touches on strategic entry projects in the cryptocurrency markets, starting with the bitcoin futures. directly through a third party storage service such as Coinbase Custody.

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Reflecting the spectacular movement of the market this quarter, ShapeShift's CEO, Erik Voorhees, advised investors with large holdings in cryptocurrency to take some profits and pay off their consumer debt. He also warned euphoric investors not to borrow more to buy bitcoin or other cryptocurrences (although this bet has paid off in the past).

Nevertheless, many analysts believe that Bitcoin will continue to reach new heights in the foreseeable future. For example, Tom Lee, co-founder and strategist of Fundstrat, recently raised his target bitcoin price in mid-2018 to $ 11,500, while Standpoint Research's Ronnie Moas set its target of 2018 at $ 14,000.

Image from Shutterstock.