11 Apr '13, 2am

WALL STREET ANALYST: Bitcoin Is A 'Key New Idea' For Investors Who Want To Make Money

WALL STREET ANALYST: Bitcoin Is A 'Key New Idea' For Investors Who Want To Make Money

Bloomberg TV Nick Colas Bitcoin hasn't really hit Wall Street yet. We can count the number of strategists we've heard talking about the virtual currency on one hand (Sebastien Galy at Société Générale explained how to think about valuing them , and Deutsche Bank 's Jim Reid mentioned it briefly once ). There's also ConvergEx Group chief market strategist Nick Colas, who was really the first to address it several weeks ago . He was on Bloomberg Surveillance this morning , and he told anchors Tom Keene and Sara Eisen that Bitcoin "absolutely is" something valid to consider for a diversified portfolio. "If you want to make money, you have to be open to new ideas. This is a key new idea," said Colas. That's a pretty ringing endorsement for an unregulated, digital currency market that seems prone to massive swings – like the ten-fold rise in value since January, or the 60 perce...

Full article: http://www.businessinsider.com/nick-colas-investors-shoul...

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