“When markets trade down, [cryptocurrencies] should trade down with markets,” he said. “When markets trade up, they should trade up with the market. They should amplify that movement.”
Bitcoin, the most popular digital coin in the crypto market, grew 2,000 percent last year, peaking at around $19,500 in December. As of Wednesday evening, the digital coins hovered just above $8,000 — the lowest levels all month. Some market watchers fear the bitcoin bubble may soon burst.
Harvey conceded that a bitcoin sell-off could “add fuel to the fire” in a volatile market, but said he’s “not so worried” about bitcoin or other cryptocurrencies at present.
“We’re worried about those three Ts,” he said.