Wall Street analyst concerned about Bitcoin price
There’s a lot of excitement about the Bitcoin price right now. DataTrek Research co-founder Nick Colas is not too convinced that crypto currency will survive. Although he is the first Bitcoin analyst on Wall Street, his forecast looks rather gloomy.
Bitcoin a good investment or not?
One of the most frequently asked questions is whether Bitcoin is a good investment or not. There seems to be no right or wrong answer to this question. Some people think that it is the future of money, while others are rather negative. Nick Colas does not see a promising future in Bitcoin.
Even the recent rise in the Bitcoin price is not convincing for Colas. The Bitcoin price is still a long way from its all-time high at the end of 2017. Colas quickly points out that 2017 was a clear bubble that burst. It refers to this, as interest has dropped significantly, which can also be seen in the Google Trends.
Perhaps the most worrying sign is the lack of growth in bitcoin wallets. Colas believes that bitcoin adoption is slowing and is a bad investment. But if you look at the Blockchain – Wallet this chart shows a different course.
Is the Wall Street analyst right?
Most bit coaches won’t pay much attention to it. All these „problem points“ have already been discussed dozens of times. So far Bitcoin has overcome all adversities and will probably continue to do so.
It is important for investors to keep an overview. Nick Colas only discusses the short-term changes in connection with the Bitcoin price. These last six months are a brief snapshot. He does not mention that the Bitcoin price has still risen significantly since May 2017. In the crypto industry it is essential to keep an eye on the long-term picture.
Bitcoin is always a risky investment, but that doesn’t make it worth less. The discussion of the price is only a small facet of what the crypto currency is really about.