As we\u2019ve seen before, it doesn\u2019t matter how well bitcoin does or how strong it\u2019s price becomes. There could be a dozen major rallies and there will still be doubters out there. Proof of that exists in Wall Street trader Michael Hartnett, who in a recent interview, referred to bitcoin as the \u201cmother of all bubbles.\u201d<\/p>\n
As it stands, Hartnett doesn\u2019t necessarily believe that the bitcoin price is going to fall. At least he never hinted at this during his recent statements, but he does<\/em> think that the asset is the product of \u201cspeculative mania,\u201d saying that the bitcoin price has risen by more than 1,000 percent in just the last two years alone. This is far more than any stock or even gold has jumped within the same timeframe, and he finds this all a little questionable.<\/p>\n To an extent, it\u2019s hard to ignore Hartnett\u2019s words and dismiss them outright. As any bitcoin or crypto trader knows at this point, the digital currency arena is widely susceptible to outside market influence, volatility and price swings. Things are never quite what they seem, and it\u2019s always important to be on one\u2019s guard and only invest what we can afford to lose. To this day, many are still reeling from the financial losses that occurred in 2018, and investors should not be looking to take too many chances.<\/p>\n As the chief investment strategist at Bank of America Securities, Hartnett explains that whenever assets rise to this level in such short periods, things don\u2019t usually end well for them. He points to several incidents in the past \u2013 such as the gold spike of the 1970s, the dot-com bubble of the 1990s and the housing market in the early 2000s \u2013 as prime examples.<\/p>\n Each time, the assets in question rose and rose until they simply couldn\u2019t anymore. What was the result for each one? They all came crashing down and took people\u2019s money along with them.<\/p>\n He says that bitcoin prices keep surging because people continue to invest, though most of the investors have no idea what they are doing and are simply jumping on the crypto train as of late because it\u2019s the thing to do and they don\u2019t want to miss out on any potential gains.<\/p>\n In addition, he comments that the U.S. dollar and other forms of fiat have stabilized somewhat in recent weeks. As a result, the argument that bitcoin is somehow a hedge tool that can protect one\u2019s wealth during times of economic strife is no longer valid justification for ownership.<\/p>\n Other analysts offer similar sentiment when it comes to BTC. Mike O\u2019Rourke \u2013 chief market strategist with Jones Trading \u2013 commented in a recent report:<\/p>\n The bitcoin chasers here are not protecting themselves versus a dollar meltdown. They are simply paying twice as much for an \u2018asset\u2019 than they were at Thanksgiving.<\/p>\n<\/blockquote>\nOthers Feel the Same<\/h2>\n
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