Bitcoin is ‘Clearly the Embodiment’ of the Cash Hoard and Also Frothy Markets: PJ Solomon CEO
The chief executive officer of the investment banking company, PJ Solomon, says Bitcoin has a place in the current marketplace but still isn’t as much worth as it is currently valued.
In an interview with Bloomberg, while sharing his thoughts on Bitcoin, Marc Cooper said,
“Bitcoin is clearly the embodiment of this cash hoard that's out there and it's looking for places to play.”
But it's not all; according to him, the leading digital cryptocurrency is also “the embodiment of what we see in frothy markets.”
In such markets, someone picks a number of situations, and those become the darlings to trade, he said while explaining how if a complete noob like an elevator operator starts to talk about investing in the asset, that’s the end of the market and “this type of frothiness is scary.”
However, he does believe there are “reasons why Bitcoin might have a place in the marketplace,” pointing to Elon Musk’s Tesla buying $1.5 billion worth of BTC, which Cooper says “make a difference.”
At the same time, “it doesn't necessarily suggest the value should be” what it is currently.
Currently trading above $48,050, Bitcoin made a new all-time high at $49,000 on Wednesday, up almost 12x from its March lows.
This week the market is enjoying a series of bullish news with BNY Mellon and Mastercard announcing support for digital currencies. Moreover, GM and Uber are weighing the option of accepting cryptocurrencies as payments.