Who is Nick Colas? and why should you care what he predicts about bitcoin or any other cryptocurrency. I love when a Wall Street guy talks about something, in my opinion, he really knows nothing about. Maybe he and Jamie Dimon should hang out together and talk about the good old days before the internet and their youth walking 12 miles to school in the snow.
So who is Nick Colas? he is the co-founder of Datatrek Research and has been dubbed as “the first” analyst of Wall Street to cover bitcoin. Nick has advised investors to avoid bitcoin.
Colas cites the reason of “lackluster fundamentals” around the most popular cryptocurrency of the world. He compares the recent developments in the valuation of bitcoin to the likes of a bubble.
Wide swings have been observed in the prices of bitcoin which shot up to the levels of almost $19,200 in December, and then dropped to almost a third of the peak price to $6,620 in early April. The price has now recovered to nearly $9,822 as of early May, indicating a significant 48% jump in less than a month. Such wide swings are not a healthy sign of a stable investment asset, said Colas.
While Colas himself owns a basket of cryptocurrency worth a MEGA total value of $2,000, he argued that the general interest in bitcoin, as indicated from Google search trends, has significantly declined, and that wallet growth is also trending downward.
Listening to Wall Street guys give their opinion about cryptocurrency is like asking your mailman in 1990 if email was going to be big. They are dinosaurs that don’t understand that banking and investing is going to change globally like it or not. Hey I could be wrong, pinstripe suits, wingtips, white dress shirts with suspenders might make a comeback in the workplace……or maybe not!
Remember crypto investors and readers this is just my opinion, you can listen to anyone you want, and even believe what they say.