Bitcoin’s run is very similar to that of silver’s nearly 40 years ago, renowned trader Mark Fisher told CNBC on Tuesday.
“The reason people are so attracted to bitcoin is because people want something that’s actually moved dramatically, that there’s no Wall Street to it,” said Fisher, founder and CEO of MBF Clearing. “The thing that every cab driver is talking about all day long.”
“Bitcoin was what silver was back in the late ’70s and ’80s — for sure,” Fisher said in an interview with “Fast Money: Halftime Report.” “No rhyme or reason.”
The cryptocurrency has hit new highs several times this year, passing above the $11,800 mark on Sunday. Bitcoin’s rapid gains, however, have prompted some market participants to warn of a bubble. It has surged more than 1,000 percent this year.
Cboe announced Monday that it is launching futures trading in the cryptocurrency beginning at 6 p.m. ET Sunday, eight days before CME launches bitcoin futures. Fisher predicts the launch initially is “going to be the Wild West.”
“It’s going to be great volatility,” he said. “And for someone like me, who cares what it is, as long as it moves, right?”
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Written by Berkeley Lovelace Jr. and published by the CNBC ~ December 5, 2017.
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