Bitcoin is 'worthless' and will perform worse than stocks: Analyst (CNBC)

~$6,600 this morning...

""Bitcoin's correlation with equity prices has strengthened recently, but we think that this will be just temporary. We still think that bitcoin is essentially worthless, meaning that it is likely to fare much worse than other assets in the coming months," Capital Economics said.

"We expect equity markets to fall as investors cotton on to the fact that rising U.S. interest rates will slow economic growth. But the main factor driving down the price of bitcoin is likely to be a realization that it is simply not a credible long-run alternative to conventional currencies," the note added."

Bitcoin is 'worthless' and will perform worse than stocks: Analyst