Economist David Rosenberg pleads ignorance about Bitcoin after predicting massive bubble

0
34


#Economist #David #Rosenberg pleaded “bitcoin ignorance” after saying cryptocurrency was in a massive bubble. #He admitted that bitcoin exceeded his expectations, but he still prefers gold because he understands it much better than bitcoin.

“#Bitcoin has exceeded almost everyone’s expectations”

#David #Rosenberg, chief economist and strategist at #Rosenberg #Research, admitted #Thursday on #Trading #Nation that bitcoin has exceeded his expectations.

#His admission came after he said in #December that bitcoin was “in a huge bubble”. The economist told #Bloomberg at the time that BTC was “just a classic business, to follow the herd, extremely crowded.” #Further, he readily asserted that the #Bitcoin code does not limit the supply to 21 million coins, believing that “there is really nothing in the protocol that suggests that #Bitcoin’s supply cannot increase. once we hit that limit.

#Asked #Thursday about how he views the 2021 game for #Bitcoin, #Rosenberg said:

I’m just going to plead ignorance over #Bitcoin. I happen to understand gold a lot more.

#He then compared bitcoin to gold. “I have been very bullish on gold,” he noted. “#The only thing I know about gold is that it has a fifth of the volatility of bitcoin.” #While reiterating that he prefers gold to bitcoin, the economist conceded:

I think bitcoin has exceeded the expectations of almost everyone, maybe not everyone, has certainly exceeded mine.

#Looking at the #Bitcoin chart, #Rosenberg was also asked if he considers #Bitcoin to be “the biggest bubble that’s happening right now.” #He has answered:

I would say there are other high-flying stocks in the S&P 500 that could rival this, but I would say yes … all you had to do was take a look at the bitcoin chart for the last two. months and it seems parabolic.

#Pointing out that the bitcoin chart for the past two months can be overlaid with dot-com stocks, he concluded, “I’m not going to say this is going to plunge like dot-com stocks did but parabolic movement. bitcoin in such a short period of time, I would say for all safety it’s very abnormal.

#Nonetheless, #Rosenberg said that for investors who “want to get rich quick” and “can handle volatility, I’m not going to tell you not to buy bitcoin.”

#Do you agree with #David #Rosenberg on bitcoin? #Let us know in the comments section below.

#Image credits: #Shutterstock, #Pixabay, #Wiki #Commons

#Warning: #This article is for informational purposes only. #This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any products, services or businesses. #Bitcoin.com does not provide investment, tax, legal, or accounting advice. #Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



LEAVE A REPLY

Please enter your comment!
Please enter your name here