Whitney Tilson: "I'm Calling The Top Of The Cryptocurrency Madness", Admits Bitcoin Could Hit $1 Million

[link to www.zerohedge.com]


There is just one thing that cryptocurrency bulls love hearing more than Dennis Gartman bashing bitcoin, and that is Whitney Tilson bashing bitcoin. The reason is the same: just like Gartman, Tilson has rarely if ever been right about anything -in fact, it is almost safe to say that he has been largely wrong about everything - with the added bonuses that unlike Gartman, Tilson has blown up not one but two "hedge funds" (which really were copycats of other hedge funds).

So here is the good news: in his latest letter to... well, it's not clients as he no longer has those, so probably people who don't know they can unsubscribe from his spam mass mailings, Tilson writes: "I'm calling the top of the bitcoin/cryptocurrency madness." Naturally, the email was sent out when bitcoin was about $1,000 lower.

Here are Tilson's "arguments" for why the top of bitcoin is here... even if as he concedes, "bitcoin could go to $1 million" (how Whitney reconciles those two is anyone's guess).

I'm calling the top of the bitcoin/cryptocurrency madness



1) In the past week, I’ve been asked about bitcoin by a parade of the least-knowledgeable investors imaginable – and the only times such foolishness has happened before in my 18-year career were at the peak of the internet and housing bubbles, so I’m calling a top right now.



Blockchain technology is real in the same way that the internet was real back in 1999 and housing prices tend to go up in the mid-2000s – in other words, a good idea taken to absurd extremes is NOT a good idea!



That said, the greed and speculative nature of humans is inherently unpredictable, so for all I know bitcoin could go to $1 million.



But I do know the ultimate outcome: smoldering rubble, a lot of finger-pointing (where were the regulators?!), and a lot of tears and empty bank accounts, especially among those who can least afford it.