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Economist David Rosenberg has pleaded âignorance on bitcoinâ after saying that the cryptocurrency was in a massive bubble. He admitted that bitcoin has exceeded his expectation but he still prefers gold because he understands it a lot better than bitcoin.
âBitcoin Has Exceeded Almost Everybodyâs Expectationsâ
David Rosenberg, chief economist and strategist at Rosenberg Research, admitted Thursday on Trading Nation that bitcoin had exceeded his expectation.
His admission came after he said in December that bitcoin was âin a massive bubble.â The economist told Bloomberg at the time that BTC was âjust a classic, follow-the-herd, extremely crowded trade.â Furthermore, he made the easily-disproven claim that bitcoinâs code does not limit the supply to 21 million coins, believing that âthereâs really nothing in the protocol to suggest that the supply of bitcoin canât go up once we hit that limit.â
When asked on Thursday about how he sees 2021 playing out for bitcoin, Rosenberg said:
Iâll just plead ignorance on bitcoin. I just happen to understand gold a lot more.
He proceeded to compare bitcoin to gold. âIâve been very bullish on gold,â he noted. âThe one thing I know about gold is that it has one-fifth the volatility that bitcoin does.â While reiterating that he prefers gold to bitcoin, the economist conceded:
I think bitcoin has exceeded almost everybodyâs expectations, maybe not everybody, certainly has exceeded mine.
Looking at bitcoinâs chart, Rosenberg was also asked whether he sees bitcoin as âthe biggest bubble going on right now.â He replied:
Iâd say that thereâs some other high flying stocks in the S&P 500 that could rival that but I would say yeah ⊠all you had to do was take a look at the chart of bitcoin for the past couple of months and it looks parabolic.
Pointing out that one can overlay the bitcoin chart for the past couple of months with the dot-com stocks, he concluded: âIâm not going to say itâs going to plunge like the dot-com stocks did but the parabolic move in bitcoin in such a short time period I would say, for any security, is highly abnormal.â
Nonetheless, Rosenberg said that for investors who âwant to get rich quickâ and âcan stomach the volatility, Iâm not going to tell you not to go buy bitcoin.â
Do you agree with David Rosenberg about bitcoin? Let us know in the comments section below.
The post Economist David Rosenberg Pleads Ignorance on Bitcoin After Predicting Massive Bubble appeared first on Bitcoin News.
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