CHART OF THE DAY: The Insane Parabolic Rise Of Bitcoin

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The parabolic rise of Bitcoin has caught a lot of people off guard this year and is generating a ton of investor interest.

Nick Colas at ConvergEx Group, the only Wall Street strategist we’ve know of so far who has written about the Bitcoin market, says all of his clients think the virtual currency is in a bubble.

When one looks at a chart, going all the way back to 2010, it’s easy to see why the word “bubble” is being tossed around among investors.

Whether it continues to go up is anyone’s guess, but Colas thinks there are five broad themes converging to create a “perfect storm” behind the current rise of Bitcoin.

Click here to read his take >

Business Insider

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