Nuveen Asset Management's strategist: who needs stock markets when you have Bitcoin?

With Bitcoin on the brink of ten thousand dollars per coin, the media is reporting a record number of market bulls with less and less skeptics. Discussions regarding the nature of Bitcoin seem to have paused, it’s either people finally understood that the cryptocurrency is backed by the mining power costs or they just decided to play for the pumping team for a time being.

One of the recent bulls on par with Mike Novogratz is Bob Doll, who is a chief equity strategist of the traditional asset management company founded in 1898, not some blockchain evangelist. The overall message he gave to the audience of CNBC today is that while Bitcoin’s nature is still not fully clear to him and it looks a lot like a market speculative tool, the growth dynamics demonstrated during the recent months is “amazing” and tells that “With bitcoin, why do you need the stock market?” had been the saying of late.

This is quite an evolution in comparison to… you guessed right, Jamie Dimon. Citing his statement on Bitcoin being a fraud becomes somewhat of a tired practice, but since that time, so much cryptocurrency enthusiasts, investors and even high-ranking corporate managers have been more positive towards Bitcoin, and the currency itself did not burst. It’s either one of the biggest mistakes Mr. Dimon made in his life — or maybe he is right and Bitcoin will become much cheaper after it gets to $10,000. As for now, everything indicates at the former assumption.