$100k Bitcoin Absurd? Absurd To Think It Can Replace Gold: Lanci

KITCO NEWS - Cryptocurrencies have been the talk of the markets, with bitcoin leading the pack of digital currencies to all-time highs. However, one analyst closely monitoring the market says he'll wait on the sidelines for now. 'You have to say they're in a bubble...I will not buy bitcoin or any digital currencies currently for fundamental reasons,' Vince Lanci, MarketSlant.com contributor, told Kitco News. Lanci said he expects Bitcoin and alternative coins - or alt coins - like Ethereum and Ripple to remain volatile. 'You're buying something that has more volatility, if not more, than the Nasdaq,' he said. Bitcoin is dominating the other digital currencies, surpassing the price of gold and hitting an all-time high of $2,791.69 per coin last week. Although Lanci said he buys into the technology behind the cryptocurrencies, he doesn't see them replacing gold any time soon.