Bitcoin has seen a reluctant period to surpass the 12k mark in the recent past but still remains strong. Investors have been profited with the kind of surge Bitcoin has acquired in the recent past.
However, Wall Street veteran George Ball, who has skeptic about cryptocurrency said that a lot of wealthy investors will start to invest in Bitcoin after labor day which is on September 7.
“Well, the market right now is what people want to call ‘the summer doldrums’…
“COVID will be with us through the first quarter of next year; there will be a vaccine.
“You’ve got a wash of liquidity, which is really what’s driving and holding the stock market up right now…
“… the market’s… waiting for a new spark, and that spark’s likely to come into ignite — as it often does — right after Labor Day. So, the time to reposition the portfolio is before the fuse is lit or when the fuse is lit but has not exploded yet, which is probably now,” Ball was quoted as saying by cryptoglobe.com.
Ball is currently the Chairman and Chief Executive Officer of Sanders Morris Harris. He is also serving as Director and Co-Chairman of Tectonic Holdings, SMH’s parent company.