Guggenheim To Invest Up To $530 Million In Bitcoin After Roubini Twitter Meltdown

After relentlessly climbing from its March $4,900 lows, Bitcoin finally saw a modest selloff last week after rising 285% from its lows and 160% since the start of the year prompting even establishment banks such as Deutsche Bank to include it in its grouping of key asset categories...

This is leading to the now traditional kneejerk response from bitcoin haters such a Nouriel Roubini, who took a bizarre 12-tweet "victory lap" late Thursday as if bitcoin dropping 20% from just shy of its $20K all time high somehow validates his forecast...

Recall is that bitcoin would "crash to zero" (from his February 2018 CNBC appearance), or that it is a "stinking cesspoll that is in meltdown", when it suffered a similar drop in October of that year, and just generally emerging from the woodwork every time there is a drop in bitcoin as per this tweet.

Incidentally anyone who bought bitcoin in February of 2018 when it was supposed to "crash to zero" is up 150%, outperforming the S&P 4-fold. Then again, by now the market has learned to take Roubini's "hot" takes - which only emerge during sharp bitcoin and gold selloffs - with all the "seriousness" they merit. After all, this is the same Doctor Doom who in 2009 infamously said that "all the gold bugs who say gold is going to go to $1,500, $2,000, they’re just speaking nonsense. Yeah, it can go above $1,000, but it can’t move up 20-30 percent unless we end up in a world of inflation or another depression."

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William K. 1 month ago Member's comment

This would not be the first time in history that a bunch of "experts" have been fooled or otherwise mislead into incorrect pronouncements, with the result that the wrong people gained a large benefit.