Bitcoin Might Reach $20,000 Before Winthorpe and Valentine Sell

by John Galt
December 7, 2017 06:35 ET

I’m not saying that the chart I posted last week looks vaguely familiar, but here it is again for those who emailed and commented on “Guess this Chart” last week:

For those who wonder, it was the NASDAQ from August 9, 1995 until the top right before it crashed in 2000. The August 1995 date is significant because it market the debut of Netscape on to the market and the wave of .com bombs which caused a massive crash which followed.

Which brings me to Bitcoin and the cryptocurrencies and their behavior this year.

The very same people, some of whom I respect greatly, are saying that Bitcoin and the cryptos are not in a bubble while arguing that the U.S. equity markets are in a bubble. One can not however, have it both ways. The speculative bubble will not be over in either markets until it is, not one moment sooner. To try to predict a peak price for the Dow and Bitcoin is like trying to determine the valuation of Pets.com during the NASDAQ frenzy near the end of that bubble.

The yutes have never seen what happens when bubbles pop so instead of preaching like an old fart sitting on my porch to get off my lawn you young whippersnappers, I’m changing my tune:

Let them learn the hard way as many did when I was young during the Hunt Brothers fiasco. It’s time to take off the training wheels and let them face plant their dirt bike at 30 mph like so many of us who learned with great pain in the past.

Meanwhile, here is a scene from the documentary “Trading Places” to demonstrate the dangers of rigging markets and the problems which usually occurs during massive market bubbles:

Trust me, I have more than $1 wagered on how this will end and I have the patience of the Fed to watch it unfold in all its bloody glory.

  • bbb

    lol

  • maxblockm

    So, it hit 20k. W&V sold. It just went down to $16k again.

  • I can’t wait to watch the “but the government should make us whole” reaction…

%d bloggers like this: