Investor With Excellent Track Record Calls Bitcoin 'a Bubble'

Written by:
Guest
Published on:
Jan/04/2018

In a letter to investors on Wednesday, Boston-based investment management firm GMO co-founder Jeremy Grantham insisted that Bitcoin is a bubble.  He has correctly predicted the coming market downturns in 2007 and 2000, and now expects stocks will see their final leg higher in the next six to 24 months.


Bookmaker accepts most crypto-currencies

"Historical analogy suggests this junior bubble, by size, may well crash and burn even before the broad market peaks," he says.

Grantham also cites the bitcoin craze as one of the early signs that the stock market may be nearing the end of its years-long rally, and predicts stocks will see their final leg higher in the next six to 24 months.

"This is a true, crazy mini-bubble of its own I expect," Grantham said.

Bitcoin shot up from less than $1,000 at the start of 2017 to a record high above $19,800 in mid-December.

From CNBC.com:

In the letter, Grantham also included a chart illustrating how large and how rapid the bitcoin price surge has been in the last two years compared to other historical bubbles.

"As you can see, Bitcoin dwarfs even the legendary South Sea Bubble!" he said. "Having no clear fundamental value and largely unregulated markets, coupled with a storyline conducive to delusions of grandeur, makes this more than anything we can find in the history books the very essence of a bubble."

- Aaron Goldstein, Gambling911.com

Business/Financial News

France Appoints Digital Currency Mission Leader

France Appoints Digital Currency Mission Leader

Each day, different governments are trying to regulate digital currencies. Starting with USA, South Korea, and China many countries are restricting. The aim is to track how digital currencies spread. France is the latest to come up with the law. French Minister for Economy Bruno Le Maire makes the announcement.

How Does Bitcoin Compare With Other Markets

How Does Bitcoin Compare With Other Markets

The market cap is recording very stunning information each day. Those who are dealing with any form of cryptocurrency can tell you how volatile the market is.

NFL Conference Championships: Sportsbooks Can Protect Their Profit

NFL Conference Championships: Sportsbooks Can Protect Their Profit

This weekend is the NFL Conference Championships. All sportsbooks should see a lot of action this weekend. Protect your profit with these tips.

Online Bookie Tips: Never Underestimate The Value of Your Bettors

Online Bookie Tips: Never Underestimate The Value of Your Bettors

Online bookies agents who manage their pro and casual players properly will effectively make more profit. Get the best way to manage and encourage action.

China Announces Clampdown, Companies Deny Having Bitcoin, Blockchain Services

China Announces Clampdown, Companies Deny Having Bitcoin, Blockchain Services

China Announces Clampdown And Companies Deny Having Bitcoin, Blockchain Services. There is a question about Initial Miner Offerings (IMO). This question goes to Xunlei.

Syndicate