Bitcoin may be risky, but its jump to another new high has been nothing short of "amazing," closely followed strategist Bob Doll told CNBC on Monday.
The cryptocurrency surged to a record $9,682.10 on Monday, according to CoinDesk, breaking a mark set during Thanksgiving weekend. It later retreated to $9,615.13. It has risen more than 850 percent this year.
"'With bitcoin, why do you need the stock market?' has been the saying of late," said Doll, Nuveen Asset Management's chief equity strategist.
"I confess it's an area of that to me feels speculative, but you might call me old or old-fashioned. It's been an amazing run, has it not?" Doll added in an interview on "Worldwide Exchange."
Bitcoin has hit new records several times this year, though not everyone on Wall Street favors the cryptocurrency. JPMorgan Chase CEO Jamie Dimon has called it a fraud" and said investors will ultimately "pay the price for it."