Bove On Bitcoin: A Lot Of ‘Religion’ In Cryptocurrencies

Bitcoin crossed the $1,000 mark last week and continues to rise, forcing analysts who had previously dismissed the cryptocurrency as either too unstable or untested for investing to give it a second look. “This literal price explosion suggested taking another look at this currency to determine what is driving its success. I still find that what I do not know or understand about this currency and the cryptocurrency phenomenon far outweighs what I do know,” writes Rafferty Capital Markets vice president of equity research Richard X. Bove, in a frank admission that Bitcoin is new territory that no one should…