DataTrek Research co-founder Nick Colas, one of the first Wall Street analysts to cover bitcoin (BTC), told CNBC investors should avoid the cryptocurrency, even though its price has declined considerably from its December highs.
“It has come down quite a long way, and we’re getting a lot of people asking, is now the right time to buy,” he said on CNBC’s “Trading Nation” program. “The short answer is no.”
Colas said declining Google searches and decelerating growth in blockchain wallets reveal fewer people are interested in buying bitcoin for the first time.
He suggests investors wait until there is real-world adoption of the currency that doesn’t just involve exchange-traded funds or trading desks. Read more here.