This Wallstreet Veteran Is Bearish on Bitcoin !!

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In a recent Bloomberg interview, , CEO of Tallbacken Capital Advisors, Michael Purves stated bearish stance on Bitcoin.

According to Purves, Bitcoin’s long-term bullish momentum started to break in late January. He also claims that his firm entered a short trade with a target of $15,000 last week.

Purves highlighted that bitcoin has been heavily correlated with the S&P 500 and the Nasdaq 100.

Overall, Purves believes that Bitcoin might not attract institutional money as it failed to perform as an uncorrelated asset