Bitcoin’s price “feels speculative,” according to the chief equity strategist for Nuveen Asset Management.
Speaking with CNBC today, Nuveen’s Bob Doll made the remark, becoming the latest traditional finance analyst to point to the speculation in the market. Doll’s comments were driven by bitcoin’s surge to a new all-time high, following its jump above $9,000 this weekend.
Speculative aspects aside, Doll added that “it’s been an amazing run” for bitcoin.
He told the network:
“I confess it’s an area of that to me feels speculative, but you might call me old or old-fashioned. It’s been an amazing run, has it not?”
Doll also indicated that the cryptocurrency price ramp has gotten some quarters of the finance world talking, though what that interest will lead to remains to be seen.
“‘With bitcoin, why do you need the stock market?’ has been the saying of late,” Doll quipped.
Doll isn’t the first from Nuveen – which was founded in 1898 and boasts roughly $948 billion in assets under management – to comment on cryptocurrency markets.
In October, Nuveen announced plans to put some of its less liquid assets onto exchange-traded funds. According to Bloomberg, the firm remarked at the time that bitcoin’s rise indicated an interest in new ways to transact currencies.
The firm also suggested that it sees blockchain providing “some real usefulness and potential in the market,” though it cautioned that any potential applications of the tech in the finance space remain in development.