Stock market expert and Birinyi Associates founder Laszlo Birinyi thinks that the phenomenal rise of Bitcoin price, which has grown by 1,950 percent since January 2017, is serving as a catalyst for the global financial market overall and attracting more new investors to the stock market.
He added that the cryptocurrency mania is also providing a badly needed “shot in the arm” for the traders in the stock exchanges.
In a phone interview with CNBC, Birinyi said that the Bitcoin mania is forcing more of the cash that has been kept idle on the sidelines back into the stock markets.
"Bitcoin is a catalyst for a lot of interest. It's everybody. It's also giving the guy on the trading desk, sitting at a hedge fund, a shot in the arm…All of a sudden more and more people are aware there's a market going on, the stock market and there's a way to make money.”