04 Nov '17, 4pm

BITCOIN vs. GOLD: Which One's A Bubble & How Much Energy Do They Really Consume

Bob Moriarty: Bitcoin just split. The main theory behind Bitcoin being valuable was that the supply was limited, but if you keep splitting it then how is it limited? You can only have 21 million Bitcoins, but then you can have Bitcoin Cash and whatever else they split off from it. In relative terms Bitcoin is absurdly overpriced (total TSX-Venture market cap is ~C$22 billion while total Bitcoin market cap is US$110 billion), and clearly the supply is not limited. The S&P 500 is overpriced, Tesla is absurdly overpriced. CEO Technician: Which one will be the first to crash and correct the overvaluation? Bob Moriarty: I can’t tell you. I just know that I wouldn’t be long US large cap stocks or Bitcoin. They could crash tomorrow or a year from now, regardless you don’t want to get caught when the crash does come. We’re in the “everything bubble” and one day that everything bub...

Full article: http://www.zerohedge.com/news/2017-11-04/bitcoin-vs-gold-...

Tweets

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via @WSJ

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