Bitcoin, crypto to drive Nasdaq 100 gains instead of Big Tech argument
The tech-driven Nasdaq 100 may be undergoing a historic shift as it turns 40 this week.
According to Strategas Securities’ Todd Sohn, cryptocurrency companies could fuel the next wave of gains.
“Bitcoin is to crypto as the QQQ … is to technology type stocks,” the firm’s exchange-traded fund and technical strategist told CNBC’s “ETF Edge” this week. “Bitcoin is going to be the biggest. The Qs will be the biggest.”
As of Thursday’s close, the Nasdaq 100 is up 17,106% since its Jan. 31,1985, inception. President Donald Trump‘s election helped fuel bitcoin record highs due to high hopes on deregulation. The cryptocurrency is trading around the $104,000 level.
Sohn thinks a buildout of the crypto universe is already taking shape.
“I…
