As Bitcoin races toward new records on a seemingly daily basis one investment expert isn’t convinced the asset is a viable long-term investment.

On Monday, the price of a Bitcoin eclipsed US$72,000 for the first time, marking the sixth-consecutive day of gains and bringing gains in 2024 up almost 70 per cent on the back of investments into U.S. exchange-traded funds.

John Zechner, chairman and founder of J. Zechner Associates, said he’s been impressed with the cryptocurrency’s recent rally but isn’t buying its long-term outlook.

“It's almost like it's money chasing returns, money chasing money and that to me is almost like the definition of a speculative investment,” he told BNN Bloomberg in a television interview on Monday.

“I have yet to see a major bank, a major country outside of El Salvador, get behind it. In all the conference calls I sit on with software companies, I never hear them say ‘blockchain technology.’”

Zechner compared Bitcoin’s run to the tech bubble of the late 1990s, where hype drove companies higher and higher until the bubble burst.

“The run right now is really driven by this ETF and people are able to buy it on (a) more liquid basis, so money is flowing in, they're getting rewarded because it goes higher,” he said.

“This is what happened to … the tech bubble in the 1990s that was literally money chasing money until it stopped.”

For more of Zechner's thoughts on Bitcoin, watch the video attached to the top of this article.

With files from Bloomberg News