As Bitcoin is vying to hit new highs this year, Brian Belski, chief investment strategist at BMO Capital Markets, has thrown some cold water on the newfangled asset. Belski believes that Bitcoin hasn’t reached the level to be considered a suitable option for long-term investing.
The past few years have been a roller-coaster for Bitcoin with its price surging to $20,000 and then tumbling to $3,000 by the end of crypto winter.
Still, It is not immediately clear why Belski adopted such a conservative approach to Bitcoin considering the returns it generated for its early investors. Those who invested $100 in 2011 would have made $7 mln during the cryptocurrency market peak in December 2017.
In the hindsight, Bitcoin was a once-in-a-lifetime opportunity to get make a fortune for a batch of new millionaires, and it still has a lot of room for growth.
Belski is extremely bullish on the US stock, comparing the current bull run to that of 1995. However, Bitcoin has greatly outperformed the US stock market this year, surging by more than 200 percent.