Bitcoin Crash Could ‘Spill Over’ Into Stock Market: Wells Fargo Strategist

Carmela Tim

Oct 2, 2017
Wells Fargo’s top equity strategist is concerned that bitcoin could drag down the stock market if it enters a severe bear market within the near future.

Heading into the new year, it’s clear that 2017 has been a watershed for bitcoin and other cryptoassets, planting them near the center of the mainstream financial conversation.

For long-time cryptocurrency advocates, this represents vindication against years of derision and mockery from mainstream analysts. But for entrenched financiers, bitcoin represents a threat to traditional equity markets.

Speaking with CNBC’s “Trading Nation,” Wells Fargo’s Christopher Harvey warned that cryptoassets have become so valuable that a cryptocurrency market crash could have a ripple effect on traditional equity markets.

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