The Morgan Stanley strategist adds that the Nasdaq’s bear market in 2000 featured five declines averaging 44%, eerily similar to the average bitcoin bear market decline of 45% to 50%.

Bitcoin futures debuted on the Cboe in December, followed by a launch on the CME. Nasdaq Inc. is still considering entering the bitcoin futures competition. Market observers previously expected Nasdaq to launch futures on the digital currency this year, perhaps as early as the second quarter. After bitcoin, the largest cryptocurrencies are Ethereum, Ripple, Bitcoin Cash and Litecoin.

Earlier this month, Grayscale Investments, the operator of the Bitcoin Investment Trust (OTCQX: GBTC) introduced the Bitcoin Cash Investment Trust, Ethereum Investment Trust, Litecoin Investment Trust, and XRP Investment Trust. Coinbase, the operator of the largest U.S. cryptocurrency exchange, launched an index based on bitcoin and other digital currencies traded on Coinbase.

For more information on the cryptocurrency, visit our Bitcoin category.