7 Reasons Bitcoin Is Doomed
Usually I have a fairly strong opinion about the stocks, bonds and funds I write about. I know I can be wrong — my less-than-flawless track record demonstrates that. And I can’t recall a time when I had such a strong opinion on an investment that I couldn’t see the other side of the trade.
But that was before Bitcoin and the more-than-1,500 other cryptocurrencies.
These are a bubble — in fact, one of the largest bubbles in human history. I am as sure as I can be of anything that they will get clobbered, and that all but the earliest buyers will lose a ton of money. Those who hold their cryptocurrencies likely will lose every penny they invested.
In fact, my main worry about Bitcoin and its ilk isn’t that they’ll go to zero – which they almost certainly will – but how badly a total cryptocurrency crash might affect other markets. Which bankers and brokers put up big money so that foolish “investors” could speculate on Bitcoin? We won’t know until the collapse comes, and I have no clue when that will be.
Here are seven reasons I think cryptocurrencies will go to zero: