Economist David Rosenberg pleads ignorance about Bitcoin after predicting massive bubble


#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

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