Wall Street Bitcoin
Cryptocurrency mania is also providing a badly needed “shot in the arm” for the traders in the stock exchanges.
Stock market expert and Birinyi Associates founder Laszlo Birinyi thinks that the phenomenal rise of Bitcoin price, which has grown by 1,950 percent since January 2017, is serving as a catalyst for the global financial market overall and attracting more new investors to the stock market.
However, according to Birinyi, Bitcoin has been showing bubble-like features in the past few weeks. He added that if Bitcoin is indeed a cryptocurrency bubble, it is already bigger than some of the largest financial bubbles in history, including the Nasdaq bubble of the late 1990s.
While the most well-known digital currency has its share of skeptics, more and more Wall Street investors are entering the crypto market. The renowned American investor Bill Miller recently told reporters that 50 percent of his hedge fund’s money is currently invested in Bitcoin.
The recent explosion of Bitcoin coverage in mainstream media outlets is also paving the way for other cryptocurrencies to potentially see increased adoption.
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