cryptocurrency

Wall Street Analysts Says Don’t Buy Bitcoin Now

The first cryptocurrency analyst from Wall Street says it should be avoided and here’s why.

Summary:
– Nick Colas of DataTrek Research said that it’s not the right time to buy bitcoin.
– Colas cites lackluster basics on the most successful stocks like Google and Amazon.
– He added that the interest in bitcoin is declining for the first time.

Nick Colas is the co-founder of Data Trek research and is the first Wall Street analyst that investigated bitcoin.

In just the last month, Bitcoin has reached a trading value of $9,700 from a very low $6,400, which shows its volatility.

The highest value that Bitcoin obtained was at $20,000 last December.

On the other hand, Colas said that based on Google and wallet trends, fewer and fewer people are interested in purchasing bitcoin.

Google searches have drastically lowered since bitcoin peaked at December and January, according to Colas.

He added that wallet Growth this month is at 2.2 percent, which is much lower compared to 5-7 percent last year.

Read more about the article written by Stephanie Landsman at – www.cnbc.com