An analyst for the Los Angeles-based wealth management firm Wedbush Securities says bitcoin’s price rally is likely not a fad.
In a recent note to clients obtained by CNBC, managing director Dan Ives argued bitcoin is becoming a permanent fixture in the global financial marketplace. Ives told clients that corporate adoption for bitcoin is a significant development for cryptocurrency and would impact the future price.
He wrote:
We believe the story and theme here is much larger than just investing in Bitcoin and predicting its future price, but rather around the potential ramifications that crypto, blockchain, and bitcoin could have across the technology and corporate world for the next decade.
Ives said that bitcoin’s popularity was not a fad, noting interest from Paypal, Square, Visa, and Tesla, among others.
He continued:
We believe the trend of transactions, bitcoin investments, and blockchain driven initiatives could surge over the coming years as this bitcoin mania is not a fad in our opinion, but rather the start of a new age on the digital currency front.
Ives’ note came just a day before bitcoin’s recent rally to a new all-time high above $51,000. His wealth management firm Wedbush Securities has been supporting bitcoin adoption since 2014, touting BTC as a disruptive force for existing financial markets.
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