It's a good time to increase exposure to bitcoin as stocks continue hitting new records and as the U.S. presidential election draws nearer, according to Bernstein.
Bitcoin is again testing $70,000, something it's done several times this year after reaching a new record above $73,000 in March.
Bitcoin ETF inflows, crypto equity markets and retail trading sentiment [are] screaming 'risk-on.'"
Earlier attempts led to brief forays above $70,000, but over the weekend bitcoin rose as high as $69,480, according to Coin Metrics.
Their outperformance "reflects underlying bullish sentiment for the bitcoin asset class vs. the compute/energy thesis, which investors have favored so far."
Persons:
Bernstein, Bitcoin, Gautam Chhugani, Harris, Trump, bitcoin, Chhugani, Mara, — CNBC's Michael Bloom
Organizations:
U.S, bitcoin, Metrics, Mara Holdings
Locations:
U.S