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For comparison, he also thinks it's going to $40K by EOY 2018. http://www.businessinsider.com/novogratz-bitcoin-could-be-at-40000-by-end-of-next-year-2017-11 h
by jpmattia 9y ago
For comparison, he also thinks it's going to $40K by EOY 2018.
http://www.businessinsider.com/novogratz-bitcoin-could-be-at-40000-by-end-of-next-year-2017-11 http://www.businessinsider.com/novogratz-bitcoin-could-be-at...
- thisisit 9y agoAnd he also says "It is going to become the biggest bubble of our lifetime" in the video embedded with the bloomberg article.
- booleanbetrayal 9y agoTruly a Janus!
- asciimo 9y agoWell, if you predict every possible outcome, you will be right at least once.
- deleted 9y ago[deleted]
- mv4 9y agoHe is just hedging.
- jonathanjaeger 9y agoBut halts hedge fund
- killjoywashere 9y agopossibly temporarily.
- Alex3917 9y agoWhat he's saying is that in the next few weeks it's going to drop as low as 8k, it will be as much as 40k by the end of the next year, and within 5 - 10 years it will be the biggest bubble of our lifetimes. It's really not that complicated.
- coralreef 9y agoThe internet was a big bubble, and quite a few stocks survived and made handsome returns.
- geezerjay 9y agoWhat an awfully disingenuous comment. Just because some random so called "cryptocurrency" may still hold any residual value after this bitcoin pump-and-dump scam blows up it doesn't mean it makes any sense to keep pumping, let alone enter the fraud at this stage.
- coralreef 9y agoWhat is Bitcoin supposed to be worth? The only way to determine true value is to go through these phases of price expansion and contraction until equilibrium is reached. If you don't want to participate in volatile speculation, that's fine, the average person shouldn't. But there is no other way around it.
- geezerjay 9y ago> The only way to determine true value is to go through these phases You're referring to a pump and dump scheme as "phases". You don't set high values by scamming unsuspecting fools.
- coralreef 9y agoWhat scheme are you talking about? It's an unregulated market, so yes, there are scams and dumps occurring. However BTC has huge volume, so it takes huge volume and risk to manipulate it. Or manipulation from the exchange itself. Those are risks that the informed trader is aware of. Any and all securities go up and down, whether it is justified or not.
- 0wing 9y agoNearly every cryptocurrency followed Bitcoins scheme, wherein massive quantities of the supply were produced for the first few weeks to a small group of users, so any later users entering these systems must than buy from those horders or spend more and more capital on the increasingly expensive and reducing output of mining. It's not exactly a ponzi or pyramid scheme, but the manipulative intent is clear so a new term is needed. It's a Satoshi scheme.
- JumpCrisscross 9y agoFor further comparison, he ran an $8 billion fund that utterly failed to weather the 2008 financial crisis [1]. Prior to the IPO, he and Fortress' management "borrowed money, used $250 million of it to pay themselves a dividend, and used part of the I.P.O. proceeds to pay back the loan." [1] https://www.vanityfair.com/news/2009/04/fortress-group200904-2 https://www.vanityfair.com/news/2009/04/fortress-group200904...
- deleted 9y ago[deleted]
- sheldonth 9y agoCan you post your [1] link?
- hisabness 9y agopaying yourself with borrowed money sounds good to me. as along as its not recourse that is...
- rlucas 9y agoOld trick among big-money managers ... the other fun piece about giving yourself a questionably-recourse (or questionably-to-ever-actually-be-collected) loan is that it's not taxable until it's forgiven. But it's still plenty spendable before that!
- charlesdm 9y agoThis is called a dividend recap, and there is not necessarily anything wrong with it if you have a profitable firm and if used prudently.