Bitcoin Price Rally Has Been 'Amazing' Says Nuveen's Bob Doll

Bitcoin "feels speculative," according to the chief equity strategist for Nuveen Asset Management. 

Nov 27, 2017 at 5:50 p.m. UTC
Updated Sep 13, 2021 at 7:12 a.m. UTC

Bitcoin's price "feels speculative," according to the chief equity strategist for Nuveen Asset Management.

Speaking with CNBC today, Nuveen's Bob Doll made the remark, becoming the latest traditional finance analyst to point to the speculation in the market. Doll's comments were driven by bitcoin's surge to a new all-time high, following its jump above $9,000 this weekend.

Speculative aspects aside, Doll added that "it's been an amazing run" for bitcoin.

He told the network:

"I confess it's an area of that to me feels speculative, but you might call me old or old-fashioned. It's been an amazing run, has it not?"

Doll also indicated that the cryptocurrency price ramp has gotten some quarters of the finance world talking, though what that interest will lead to remains to be seen.

"'With bitcoin, why do you need the stock market?' has been the saying of late," Doll quipped.

Doll isn't the first from Nuveen – which was founded in 1898 and boasts roughly $948 billion in assets under management – to comment on cryptocurrency markets.

In October, Nuveen announced plans to put some of its less liquid assets onto exchange-traded funds. According to Bloomberg, the firm remarked at the time that bitcoin's rise indicated an interest in new ways to transact currencies.

The firm also suggested that it sees blockchain providing "some real usefulness and potential in the market," though it cautioned that any potential applications of the tech in the finance space remain in development.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
First Mover Asia: Bitcoin Dominates but Altcoins Lurk

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

Although Terra's collapse has raised existential questions about the future of DeFi, some traders appear to be preparing for a return to altcoins; BTC remains rangebound below $30,000 in Tuesday trading.

CoinDesk - Unknown
2
CoinDesk - Unknown
NEAR Protocol

CoinDesk - Unknown
3
CoinDesk - Unknown
MOBOX

CoinDesk - Unknown
4
CoinDesk - Unknown
Moonriver

CoinDesk - Unknown