what do you base that on?
reading about it, I believe it isn't comparable to 2017 when it all collapsed. This time you have Institutions that invest millions, even billions in cryptocurrencies, the last time it was the average Joe.the entire crypto market? no, but bitcoin is in a bubble that's for sure
I don't think he joined the cult, I think he is just acting like us: Buying and selling to profit from idiots until it doesn't work anymore like with any other asset
well i have been shamed as a cult member fanatics for daring to say bitcoin is a good buy above 30k, here Miller literally is saying to buy above 40k.I don't think he joined the cult, I think he is just acting like us: Buying and selling to profit from idiots until it doesn't work anymore like with any other asset
I have been saying literally the same things here on this forum and been ridiculed by the boomer troll army all along as if I am the most stupid idiot on this planet. an apology is in order if I mayFinally, a few thoughts on bitcoin, the best performing asset category in 2020. At this writing, it is trading at over $31,000, up more than 50% since the middle of December. It has outperformed all major asset classes over the past 1, 3, 5, and 10 years. Its market capitalization is greater than JP Morgan and greater than Berkshire Hathaway and yet it is still very early in its adoption cycle. The Fed is pursuing a policy whose objective is to have investments in cash lose money in real terms for the foreseeable future. Companies such as Square, MassMutual, and MicroStrategy have moved cash into bitcoin rather than have guaranteed losses on cash held on their balance sheet. Paypal and Square alone are estimated to be buying on behalf of their customers all of the 900 new bitcoins mined each day. Bitcoin at this stage is best thought of as digital gold yet has many advantages over the yellow metal. If inflation picks up, or even if it doesn’t, and more companies decide to diversify some small portion of their cash balances into bitcoin instead of cash, then the current relative trickle into bitcoin would become a torrent. Warren Buffett famously called bitcoin “rat poison.” He may well be right. Bitcoin could be rat poison, and the rat could be cash.
FWIW, a technical analyst I have real respect for, Peter Brandt, showed in his Jack-the-Twat feed (formerly known as Twitter), a chart of the different parabolic moves in Bitcoin and where we are in the current one. After successfully calling the top in 2017, his chart is now pointing at a target price of $320k, as we're just in the middle point of the current parabolic move. This is one of the very few guys I pay attention to when they draw lines in a chart, he was a bull 2015-2017 and bought again a few months ago, and is not selling until the move stops.curious to know what the boomer trolls on here have to say about Bill Miller's take on bitcoin, did he join the cult of bitcoin fanatics as well or is he part of a pump and dump telegram group maybe?