As the Bitcoin halving approaches, one popular Wall Street analyst says that both retail and institutional investors should buy the leading cryptocurrency.
Jefferies’ global head of equity strategy Christopher Wood says that the halving, which reduces the rate of new BTC entering the supply, should send the value of the cryptocurrency soaring as it did in the two previous halvings in 2012 and 2016, reports the Financial Times.
Wood goes beyond the halving to urge his readers to invest in Bitcoin. The equity analyst at the New York-based investment bank, which reported all-time quarterly record net revenues of $1.17 billion, points out that the world’s leading cryptocurrency has unique properties including its decentralized nature and fixed supply, which make it a solid bet in a time when central banks are endlessly printing fiat currency.
Wood also highlights that fiat currency is on “borrowed time” and that it would be wise to store one’s wealth in Bitcoin.
But not all Wall Street analysts are on board. Adam Pokornicky, an executive at Bitcoin wealth management firm Digital Asset Investment Management, says advisors at JP Morgan and Goldman Sachs successfully changed the mind of an investor who was ready to buy Bitcoin.
Featured Image: Shutterstock/3Dsculptor