3 ms·
Time to sell Bitcoin. Merill Lynch just said buy Bitcoin, setting a target of 1300 (I hate the way Wall Street pulls these numbers out of thin air, but they ar
by yapcguy 13y ago
Time to sell Bitcoin.
Merill Lynch just said buy Bitcoin, setting a target of 1300 (I hate the way Wall Street pulls these numbers out of thin air, but they are on the sell-side).
This is the same Merill Lynch who collapsed their own company with dodgy investments and had to be passed off to Bank of America, another company laden full of dodgy assets and dodgy accounting.
If these guys say "buy", isn't it time to run?
http://www.zerohedge.com/news/2013-12-05/bofaml-sees-bitcoin-fair-value-1300 http://www.zerohedge.com/news/2013-12-05/bofaml-sees-bitcoin...
- JamesArgo 13y agoYou can't extract intelligence from stupidity.
- pitnips 13y agoI worked in Treasury for a Fortune 500 with operations in 80 countries, responsible for FX hedging, and I can say that ALL banks are absolutely terrible currency forecasters. I can't blame them for being inaccurate, since there are so many variables that can impact an exchange rate between currencies, but it's important to note that forecasted currency rates have no merit.
- MichaelGG 13y agoBy taking the inverse of anything they say, you're implying that they have perfect prediction power (even if it's inverted). If you don't trust their predictions at all, then you should treat anything they say the same you would a random number generator.