Today is Monday February 12th.
On October 23rd, 2017 I posted “What a Fool Believes about Bitcoin“, at which stage the price of Bitcoin was $5920.
The price then raced up even faster and peaked at around $19200 in mid December.
Today the price is ? …. heck, it jumps around so best to check it realtime, but at the moment this was typed, the rollercoaster was back down to around $7000.
Felt to post this today to continue to again state that Bitcoin per se has no intrinsic value, hence nobody is “investing” in it, instead they are speculating that someone will pay more than them for the BTC they buy.
Nouriel Roubini is known as “Dr Doom”, but he did call the great depression. I remember vividly he and Ian Bremmer coming to Cayman shortly after (and before Cayman had felt caught pneumonia from the global cold of the financial crisis) and they tag-teamed to demolish all optimism.. and we all knew they were right as they said it !
To paraphrase the Matt Damon character in one of my favourite scenes in one of my top ten movies of all time, “How do you like them tulips?”
Two clips for the scene… first the take down….
Then the punchline…
Also published on Medium.