Nicholas Colas from the vast community of Wall Street economic analysts has recently made some interesting remarks regarding the state of Bitcoin and digital currency market. In his view, now it’s not the right time to buy Bitcoin.
As Nick Colas (DataTrek Research) believes, current news on Bitcoin adopters are still not enough to drive up the prices, and this is one of the critical reasons why the “December futures bubble” will not repeat this time. He also points out the lack of growth of quantity of new wallets and Google search inquiries which can serve as prognostic tools for short-term price motion. Bitcoin traders should wait from 3 to 5 years until corporate players start to widely use cryptocurrency, and this will certainly accelerate the growth of the market. This means that Bitcoin traders should arm themselves with patience.
The remarks are being made amidst the attempts of the most capitalized cryptocurrency to become even more valuable and surpass $10,000 again after a long period of decline since the beginning of the year. At the press time, Bitcoin costs $9,386.83 as shown on Coinmarketcap. Yesterday, Bitcoin has almost reached the 10K and briefly cost $9,990, market watchers report. Only ten dollars more and we would have seen the new wave of bullish hype and optimistic statements.
Image courtesy of Getty Images / iStockphoto