Wall Street's First Bitcoin Analyst a HODLer
May 07 2018 - 11:20AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
May 07, 2018 -- ADVFN Crypto NewsWire -- Nick Colas was reportedly
the first analyst on Wall Street to agree to cover Bitcoin as well
as to cover it consistently. Now it appears that he feels that
it hasn’t achieved
enough utility to warrant it being a consistent
buy.
Reportedly, the firm that he is a
co-founder of, DataTrek Research, is getting a lot of calls from
would-be crypto investors. In response, Colas and his team are
advising people not to buy Bitcoin as of now.
The reason for them giving this
cautionary advice probably isn’t the one that comes to your mind
first. Colas doesn’t think Bitcoin is worthless or that it’s just a
scam. He’s not on board with the Warren
Buffets of finance but he’s also not on board with
the Winklevoss
twins, either.
He begins his explanation for
exercising caution by asserting that Bitcoin was a bubble when
Bitcoin futures launched and we eventually ended up seeing a
$20,000 Bitcoin price.
Colas adds that now, there are
relevant numbers that can be said to show a decline in interest in
cryptocurrencies. Still, the primary metric that he uses for
evidence for this is Google searches for cryptocurrencies. Any sort
of popular search or social media related metric is shaky at best,
given that in such measurements, there’s a lack of direct
connection between Google searches and buying.
On top of this, he adds growth in
Cryptocurrency wallet usage to his reasoning but as many of us that
are embedded in the space know, even dedicated users aren’t
necessarily trusting wallets that can be tracked in any way. On the
flip side, there does seem to have been consistent growth in the
usage of hardware wallets like the Ledger
wallet.
All in all, anything coming from
Wall Street isn’t always just what we call “FUD,” but it should be
taken with a grain of salt. Wall Street firms have a vested
interest in holding the Crypto-industry back unless they are
already invested in it.
By: BGN Editorial Staff
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