It's funny, and it's almost too stupid to be stupid.
If you were to pay attention to virtually any of the mainstream media outlets and supposed financial experts, you will generally hear them say: "it is impossible to recognize economic/financial bubbles."
Well, all of a sudden it seems that the supposed MSM financial experts have all become "bitcoin bubble" experts! Story after story have been reported on, and published, about a supposed "Bitcoin Bubble."
These same MSM "experts" who have stated unequivocally that bubbles are impossible to recognize are now saying that Bitcoin is in a bubble! And this to me is frankly laughable.
Several months ago I wrote an article in which I said Bitcoin will hit $5000 and then move higher, and I stand by that prediction. Last week Bitcoin hit $4500, and in no way is Bitcoin in a bubble.
WHY BITCOIN IS NOT IN A BUBBLE...
I have gone over the fact that in order for a bubble in anything to exist, two factors must be in play AT THE SAME TIME.
These two factors are:
- The asset must be widely held, and
- The assets price action must move above the ability for the average person to acquire it.
Bitcoin, does not fall within either of these parameters which must be in place simultaneously for a bubble to occur.
So again, the supposed mainstream financial experts who continually push the narrative that "no one can recognize a bubble," have now become Bitcoin bubble experts! And I personally find this ridiculous.
Gregory Mannarino @marketreport
They're just advancing the narrative they want the masses to believe so others won't invest in BTC, plain and simple. Their games work on the uninformed, but as time goes by more and more people are slowly waking up.
bitcoin bubble is fake news
Bitcoin is proof the bankers, politicians, and msm have no clue what they are doing and talking about.
Although the MSM track record says it all. A dead clock is still right twice a day ;p
I am with you Greg. Do you think there will be a buy the dip on the next fork about to happen?
Where is Steem, Litecoin, & Ethereum going?
Nice one
Greg you spoke words of great wisdom and very sound advice and never stop telling it how it really is, we love you for it. and we upvoted and re steem
you are smart!
I have to disagree with your definition of a bubble. I was at ground zero for the real estate bubble in Florida and by your definition we were never in a bubble for real estate. I do agree that I do no think bitcoin is in a bubble but I do not know what price it should be, that is up to the market.
The difference betwixt the real estate bubble and the bitcoin bubble was that everybody that wanted to buy a home was able to do so via the easy money policies. Bitcoin hasn't even proven to the "aveJoe" who knows about it that it can be anything more than a pain in the ass. You have slow transactions, lost or stolen privacy keys, you have to shuffle shit around just to get it converted to cash...which of course is everyone's main objective since all the cryptos are still priced in dollars. The windup is that one of Greg's two criteria for a bubble to be present CAN'T actually occur right now because even though there are millions of people who know about it and "would" invest in Bitcoin...anyone with any common sense "knows" the crypto nation is sucking down whippets...and that's why they all bees talking so funny. :-)
That is funny as hell.
i like it! big like for you!
Hi Greg, Let them think or say what they want. We that follow you and do our own research as well.....know the truth. Thanks for always telling it like it is.
As always steem on brother. Upvoted. :C)
It is good to see you almost smiling Greg. I don't know how the MSM do what they do with a straight face. They can't possibly believe themselves. I bet they get home from work and follow people like you, to figure out what to really do.
wow ... Sounds nice
I t think no one knows exactly what happens, the bitcoin is a phenomenon out of the ordinary, difficult to explain ...
yeah its right about btc bubble but i hope i will go up after this sir
Time to cash out when mainstream joins in?
With Bitcoin cash taking off and Bitcoin, Dash, and all the rest such as litecoin and Etherium, going up and down....its really like playing the stock market!
I'm not sure which to hold ,sell or just buy and hold, maybe just stick to silver, but crypto is so much more interesting !!!. I agree Bitcoin will go higher, but the trick is just which one to jump into, or buy on the dips and sell on the highs...so much can be made and lost, but these definitely are interesting times
I'd be careful with bitcoin though. There are better cryptos out there. Faster and cheaper... Bitcoin can't remain king for too long! That's my opinion anyway...
interesting!!
Makes sense to me Greg. Some folks like to sound like experts on things they know nothing bout. It makes them feel or look important. Funny thing is that more often than not they end up with egg on their face. But Americans have a short term memory and more often look past their foolishness. Thanks for clearing the air on this one. - Troy
Lovely ... like for you
Look at a basic chart comparing previous bubbles that are commonly known by the general public. It´s never different. The more bitcoin goes up. The harder is will come back to earth. Bitcoin is an irrational bubble Greg. https://www.tradingview.com/x/a6mHD5YL/
Not according to Greg's definition of a bubble it isn't. The millions who know about Bitcoin and STILL won't buy will have to get in first. I'm not getting in until they can prove to me my $$$ won't be lost or stolen. :-0 I'll stick with the "safety" of GBTC. If big $$$ players continue to 'work" this sector then GBTC will "eventually" trade options. Don't fugg this up Bitcoin addicts. Keep this shit alive! :-)
If bitcoin is ever traded on the cme, all the bitcoiners will get smoked by the quant math guys and their algos. It will be a shake and bake moment of epic proportions.
Taint enuff volume in GBTC to even get a decent bid/axed price if it traded options now but I bet that "if" they allow it to trade options the spreads in the options would be as mispriced as with DUST or UVXY. The shares trade a decent amount of volume with DUST and UVXY but most of the time the options contracts are priced at absurd numbas. Not sure GBTC would be any different than DUST, UVXY, FAZ, etc etc etc.
Could have not said it any better than you!
That's cuz I'm a "1%er"...a "rare" individual who understands completely how things dealing with the markets "actually" work. :-) Go read my spew prior to this one concerning my SPY very short term outlook. Just read it and think about it...and tell me I made it sooo eeeasy that it feels like you are being cuddled in mommy's arms. I have a "calming" affect like that. Even if I make a mistake and you panic and shit your pants becuz of what I told you to do. So what?!!! When's the last time you shit your pants? :O
But I can't hold bitcoin in my hands, is why I will never buy it. You can only buy or use it online, its NOT physical something I can hold in my hands. Plus you need a bank account or credit card to buy it and I don't have either now.
Huh? You do use a debit or credit card right?
No I pay cash and I get paid in cash for odd jobs I do.
Im NOT in the usa now but I will be before xmas again then I can use a debit card
Those bitcoin credit cards might be in trouble on any quick drop in teh price of BTC. Bitpay basically "daytrades" teh price of BTC when they "assure" retailers they will be paid in cash for goods purchased using a Bitpay card. The ownership of the actual bitcoin is in the hands of Bitpay. it doesn't take a genius to understand how Bitpay might be "forced" to curtail activities if they are loaded in BTC and it drops 20% on consecutive days. The Bitpay "fantasy" is still in "beta" stage...just like steemit. :-)
I'm pretty sure I'm an expert at something..... maybe not!!!
I'm wondering why Greg completely deleted his stock pick section over at TradersChoice. If tehre is no way to "verify" then Greg just going to be another talking head who can only make "false claims" about his trading prowess. Or claims that can't be verified anyway. I'm wondering if him gettting caught posting a trade that never actually happened had something to do with his decision. No answer from him about that GOOGL trade even though I asked for an explantion both here and at my blog. Hmmmm, buyer beware is all I can say as a result.
He might be thinkin bout spreading his wings into the political arena. Just getting some practice covering the trail. LOL
Nah. Politics, Greg? He's got too good a gig here at steemit, until the price of the STEEM dollar is at like a nickel that is. :-) Politics is haaaaard! (Copyright: George W. Bush...after day 1 in office)
It's like in the proverb: Dogs bark, and the caravan goes." How many bitcoyne do not scold, but it grows and grows :)
I think the main stream media is saying bubble so most that hear them will stay way from Bitcoin. It is their agenda.
Bingo
Haha! More made up BS and fake news trickery! They know it'll keep going higher just as the metals will once they lose their control...............
Well, Cramer said it is going to 1 million! Sooo........ I hope he is right! Ha ha!
Hahaa. True one about the "bitcoin experts"
Its laughable!
Well, if MSM is trying to downplay it - I'm buying it. Because there must be a good reason they are down talking it.
Nice, i like it the your post, thanks
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STOPIt is laughable but the MSM does this all the time.
For example, when they say, illegal immigrants are lazy and uneducated while at the same time saying they are taking our jobs. They can't be both lazy and taking our jobs. It's total BS. Automation is taking the jobs that can't be exported.
Experts are often BS artists with credentials.
MSM has been crying Bitcoin is dead since it started. Now they're singing the Bubble story.
Great post. Thanks.