The recent price rally of bitcoin has been nothing short of ‘amazing’, according to Bob Doll, a strategist who has been closely watching market prices unfold.
On Sunday, the digital currency entered the $9,000 barrier for the first time, before pushing toward $9,500. On Monday, trading saw its price reach $9,790, while Tuesday trading has seen it reach even higher, pushing it to $9,956, according to Coinbase.
As a result of this upward trajectory, since the beginning of January, bitcoin’s value has increased by nearly 900 percent.
However, despite this, Doll, Nuveen Asset Management’s chief equity strategist, said in an interview with CNBC’s ‘Worldwide Exchange‘ that:
I confess it’s an area of that to me feels speculative, but you might call me old or old-fashioned. It’s been an amazing run, has it not?
With the digital currency continuing to hit new heights during 2017, many critics have come out voicing their opinion of the market. Jamie Dimon, JPMorgan Chase CEO, said in September that bitcoin was ‘a fraud,’ before later adding that it was ‘worth nothing.’ Interestingly, the Wall Street bank is now considering offering its clients access to CME Group’s bitcoin futures contracts when it launches next month.
Frederic Oudea, Societe Generale CEO, is another individual who doesn’t believe that the digital currency has a long-term future. In his opinion they pose too much of a risk. Earlier this month, he was reported as saying that:
I can’t see a future of this when I see the attention played by all governments and regulators on anti-money laundering, on anti-tax evasion, on anti-terrorism financing. The anonymity of the transaction is a problem I think which would put pressure on bitcoin.
Whereas, finance and investment advisors have said that they believe a bitcoin crash will take place soon and that it’s increasing value has ‘unsustainable‘ levels.
Despite this, though, market interest is increasing. Digital currency exchange Coinbase saw the addition of 100,000 new customers to its platform earlier this month when bitcoin reached a new high of $7,350.
According to Coinbase’s website, it currently has over 10 million users. Such is the confidence in the bitcoin market and where it’s heading that Mike Novogratz, billionaire hedge fund manager, is of the opinion that it could ‘easily‘ rise $40,000 by the end of 2018. He also thinks that before the end of this year, it will reach the $10,000 mark.
It remains to be seen whether or not he’s right.
Featured image from Shutterstock.