Not a single bounce after falling $4k in a week:
No bottom in sight. It’s over…the rats are jumping ship now. Just as I predicted in 2021 would happen. That’s why I’m still one of the smartest forecasters alive. It goes to show how nobodies such as myself and a few others are always right, whereas overpaid, overexposed experts keep being wrong. In the short term going back to $3k or lower soon. Why would anyone buy crypto, ever? Someone who bought bitcoin even as far back as 5 years ago and held, still lost money compared to large gains in index funds. I have never seen anything hyped so much that sucks so much. It’s like if someone wanted to invent a way for as many people as possible to lose as much money as possible, crypto would fit the bill.
I’m trying to come up with a comprehensive list of overpaid idiots who recommended Bitcoin (and or other cryptos) to their followers– and or–rode Bitcoin all the way down. There are too many to list, but here are some off the top of my head:
Peter Thiel
Marc Andreessen
Ben Horowitz
Michael Saylor
Chamath
Cathie Wood
Chris Dixon
Balaji Srinivasan
James Altucher
Kevin O’Leary
Even myself with $0 AUM and no Twitter following knew it would crash. People with billions of dollars and huge reputations are worse at investing compared to random people online or throwing darts. Bitcoin has done even worse than banking and housing stocks in 2008-2009.
So in other words, these overpaid experts recommended the worst possible performing investment of 2021-2022, but not only that, a worse investment than banking and housing stocks in 2008. Yes, the expertise misallocation problem is real.
Elon Musk would be included on this list, but he was smart enough to bail in early 2022 with only a small loss after investing in Bitcoin in early 2021. A guy who spends all his time on working on rockets, at Tesla, and trolling on Twitter beat all these overpaid, useless VCs and experts. It shows that brains matter above all.