Bitcoin Being Fueled by 'a Class of Really Stupid Speculators' Expert Claims

Written by:
Guest
Published on:
Jan/02/2018

Bitcoin, the digital anonymous crypto-currency, is due to crash and burn as a result of speculators, claims David Stockman, President Ronald Reagan's former director of the Office of Management and a relentless Wall Street bear.

"It's basically a class of really stupid speculators who have convinced themselves that trees grow to the sky," he told CNBC's "Futures Now" last week. "It will burn out in a spectacular crash. All of these latter-day speculators will have their hands burned to a crisp, and they will learn the proper lesson."

Stockman blamed the Federal Reserve and central banks for creating the hype surrounding the stock and cryptocurrency markets.

"What we really need to do is not think these are regulator problems, but understand they're monetary problems," he said. "It's an irrational, overheated market like never before."

Close to 40% of all online gambling transactions for those businesses operating in so-called "grey" or restrictive markets are now via some form of crypto-currencies as these companies invest in educating their exisiting customer base as well as those now joining.


Now accepting most forms of crypto-currencies

Bitcoin craze made up of ‘really stupid speculators,’ David Stockman warns from CNBC.

video News

Mapping out eCommerce Future in the Age of Bitcoin Cash: Gambling has a Long Way to Go Though

The highly anticipated inaugural CoinGeek.com Conference is set to take place in Hong Kong in the next few weeks. 

Famed Sports Handicapper, Journalist Missing: Frantic Search Underway

One of the world's top sports handicappers and writers, Dave Malinsky, has not been seen or heard from since Saturday. 

Fundstrat's Tom Lee Makes The Case For A Big Bitcoin Rally Post-Tax Day

Fundstrat's Tom Lee Makes The Case For A Big Bitcoin Rally Post-Tax Day

This could be a great time to invest in bitcoin or other cryptocurrencies now that Tax Day has come and gone (well, sort of, as the IRS site crash has resulted in a bit of an extension). 

Bitcoin Craze More Psychological Than Economical Claims Economist

The latest expert to call Bitcoin a "bubble" is none other than Nobel Prize-winning economist Robert Shiller.

Bitcoin Jumps on News That SEC Will Begin Cracking Down on Crypto Fraud

Pundits on Fox Business surmised a fall in bitcoin's price Thursday following news that the SEC intended to aggressively go after cryptocurrency fraud.

Syndicate