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Canadian Economist Calls Bitcoin a Bubble Amid a New Price High

December 18, 2020 at 20:31 by Mark Stevenson

Despite Bitcoin’s outstanding performance, David Rosenberg, the founder of the Toronto-based consulting firm Rosenberg Research said in an interview with Bloomberg that Bitcoin is a “massive bubble” and is inferior to gold as an investment asset. 

David Rosenberg

According to Rosenberg, members of the community are not aware of the future of Bitcoin as there are many misconceptions about the flagship cryptocurrency.

Rosenberg, who is the incumbent president, chief economist, and strategist at his company, is of the opinion that the crypto market has no future and is overcrowded with speculators. Despite the recent Bitcoin price rally, the economist is confident that the price will eventually plunge.

Bitcoin is a massive bubble. We know with certainty the gold supply curve, but we do not know it for cryptocurrency in the future. People think she is famous, but in reality she is not.

As EarnForex reported on December 17, Bitcoin renewed its historical all-time high above $23,000 amid the backdrop of an influx of funds from institutional investors who consider Bitcoin as a hedge against inflation.

Bitcoin price is now trading at $22,794 at 20:14 GMT on Bitstamp exchange.

While it is now difficult to predict at what level the growth of Bitcoin will stop, some analysts expect a slight correction to the levels of $20,000 — $22,000 by the end of 2020.

On the other hand, some experts are optimistic about the prospects for further growth in Bitcoin. Earlier, entrepreneur Robert Kiyosaki predicted the prices of Bitcoin to be at $50,000 next year, and Scott Minerd, investment director of Guggenheim Partners, said that the fair price of BTC is at around $400,000.

If you have any questions and comments on Bitcoin today, use the form below to reply.

One Response to “Canadian Economist Calls Bitcoin a Bubble Amid a New Price High”

  1. Bernd Graap

    Consens: 18.7 mined, 95 % in hands of Whales , means free float abt 935 k Consens 3-4 Mio are lost ( dead Owners, crime etc)say 3.5 – 935 free floats means
    2.565 Minus Result there is NO free float.
    The Whales just toying with themselves,
    If they are disciplined, the sky is limit!
    It can not go(like oil) below zero. The odds
    Are suggesting the upside!

    [Reply]

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