Apparently, some folks at JPMorgan were listening when Jamie Dimon threatened to fire anyone caught trading Bitcoin for “being stupid,” because none other than Gandalf himself is out with a new note on cryptocurrencies and he doesn’t paint a particularly flattering picture.
“When you see the waft of ICO’s (Initial Coin Offerings) hitting the market, you have to ask yourself what these “investors” are smoking. Let’s put aside whether bitcoin, ethereum, or some other transactional coin, ends up being a medium of exchange with real value. Instead let’s focus on these ICO’s.”
And so, having already grown faster in its initial stages than every other notable bubble on the list (and they probably should have included housing in Canada and Sweden), the only question now is whether it will continue to rise and ultimately surpass the 2+ year, exponential rally in BitCoin.
If it does, Seth Golden will be one of the richest people on the planet
Will his views prove correct? I don’t know. I just thought they would be nice to share. His thinking requires the ability to imagine the world as a much different place. Is he mad, or genius? You decide. But I will remind you of one thing – “poor people are crazy, the rich are just eccentric.”
“And this next statement is where I am going to get myself into some trouble. I don’t think this speculation was healthy. I don’t view either of these themes as particularly well thought out. Yeah, I know Musk is going to change the world, and we will all be paying for our TSLA Model 3’s in bitcoin. Don’t bother trying to convert me. I think both of these assets are legitimate technologies, but both are priced for an unrealistic reality.”