Bitcoin rally: Analyst says 'stay away as much as you can'

Bitcoin (BTC-USD) is one of the center focuses on Wall Street this week as the cryptocurrency hit a new all-time high above $72,000 per coin. While many investors are thrilled, some investors are cautious due to the extremely volatile nature of the asset.
Mizuho Americas Senior Financial Technology Analyst Dan Dolev and Matt Ballensweig, BitGo Managing Director and Head of Go Network, joins Yahoo Finance to discuss how investors can take advantage of the recent bitcoin rally.
Dolev actually starts by warning investors to stay away from crypto investing: "Let's talk about Coinbase (COIN) specifically, they are a take-rate business. And take rates are always bound to be a race to the bottom. And eventually, there's going to be more competition and they are already getting out pricing concessions. In January, they gave out a pricing concession for people who are trading 500,000 or above. So pricing pressure is starting and competition is heating up. So the fact that I don't believe in the underlying currency — bitcoin — that's one thing, but irrespective of that, I think Coinbase is that minus take-rate pressure and competition."
Ballensweig explains his bullish stance on the digital asset: "Institutions are starting to pile in through the nine new bitcoin ETFs. And the flows really don't lie here, there is demand for BTC as an asset. BlackRock through the IBIT ETF (IBIT) did $2 billion in volume yesterday. In total, the ETFs now hold over $55 billion in just their first 60 days of trading. So the flows really don't lie here."
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