Nick colas, the first analyst on wall street who are seriously engaged in analysis of bitcoin (BTC), urged investors to think twice before investing in cryptocurrency now, despite the recent rise in the market.
Kolas is well known among the professionals on wall street. He spent 14 years, is the author of the author of the popular popular analytical Bulletin Convergex”s Morning Markets Briefing. He believes that now is not the time to “enter” the market:
“Many ask if now is the time to enter the cryptocurrency market. My answer is no. First, we do not observe growth in the number of people interested in buying BTC for the first time. Secondly, bitcoin, like any new technology, requires new adherents, to enhance its value.”
Colas added that he is concerned that currently the number of people who open a new cryptocurrency wallets has declined. Last month, the growth amounted to 2.2%, in contrast to the 5-7% monthly growth, which was held all of last year.
On the question of whether to call the sharp increase in the price of bitcoin last year of the bubble, he replied that:
“Of course, in retrospect it was a perfect bubble, based on starting futures in December … I have been doing bitcoin since 2013, I fundamentally believe in the structure of the technology, but obviously the market is huge price volatility”.