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<p><br>The bank&#8217;s chief investment strategist, <strong>Michael Hartnett</strong>, suggested that the rise in the value of <strong>BTC</strong> is a consequence of speculative mania, and recalled that the rise in prices by hundreds of percent preceded many crises of recent decades <strong>Bitcoin</strong> is &#8220;the worst of all <strong>bubbles</strong>,&#8221; said <strong>Michael Hartnett</strong>, chief investment strategist at <strong>Bank of America</strong>. </p>



<p>Since the beginning of autumn, the <strong>cryptocurrency</strong> rate has risen by 250%, to the current $ 39.0 thousand, at the moment reaching $ 42 thousand. </p>



<p>The expert warned that such an increase may be the result of speculative mania, reports <strong>Bitcoin.com.</strong></p>



<p><br><strong>Hartnett</strong> compared <strong>bitcoin</strong> price dynamics to past market <strong>bubbles</strong>. For example, with the events in the <strong>gold</strong> <strong>market</strong> in the late 1970s, when the precious metal rose in price by 400%. </p>



<p>Hartnett also recalled the <strong>bubble</strong> in the <strong>Japanese stock market</strong> in the late 1980s and the dot-com market in the late 1990s, as well as the rise in prices in the US mortgage market that triggered the 2008 financial crisis. </p>



<p>The expert stressed that in all cases, the collapse was preceded by an increase of hundreds of percent.<br><br>In early January, <strong>David Rosenberg</strong>, president of <strong>Rosenberg Research</strong> and a former chief economist at <strong>investment bank Merrill Lynch</strong>, warned that the <strong>Bitcoin</strong> market was &#8220;the <strong>biggest bubble</strong>.</p>



<p>&#8221; He is confident that the rapid growth that <strong>BTC</strong> has shown in recent months is &#8220;abnormal.&#8221; But the collapse will not happen as long as the price of the <strong>cryptocurrency</strong> is supported by low interest rates, the expert suggested.<br><br></p>

