Bitcoin will suffer ‘wild crashes,’ big investor warns

[bbc.reporter]

Mike Novogratz has the right attitude about investing and speculation, I reckon. He is not unduly bearish about bitcoin but he is also not unduly optimistic at the same time. He is only reacting to what is real and possible.

I call for everyone to also have a healthy attitude towards bitcoin investing and speculation. It will make us better investors and more importantly, better thinkers in the cryptospace.



Mike Novogratz — a former Fortress Investment Group trader who lately has been pumping the controversial crypto-currency — warned there will be “wild crashes” in bitcoin on Tuesday, just as it crossed the $10,000 mark on overseas exchanges.

“This is going to become the biggest bubble of our lifetimes by a long shot,” Novogratz said at an industry conference in New York. “There will be wild crashes in it.”

The price of bitcoin has surged tenfold this year, making for one of the biggest run-ups in price for any asset ever.

But even if there’s a bust, Novogratz said he’s not shying away from investing in bitcoin.

“Bubbles happen around ideas that are right that actually changed the world,” he said.

Novogratz compared bitcoin’s blockchain technology, which can verify transactions without the need for a bank, to the railroads and the internet.

Late Monday, Novogratz predicted on CNBC bitcoin could ‘easily’ reach $40,000 by the end of next year.

Read in full https://nypost.com/2017/11/28/bitcoin-will-suffer-wild-crashes-big-investor-warns/

[DaMut]

for now i do not think we should see or suffer 'wild crashes' but i believe we will face and suffer the 'wild correction'.
in my opinion this run only shows us what can they do with it,
plus it's a sign for us that the demand increasing and with that they can pump the price multiple times.
nothing wrong with it because for the past few years we're already seeing this kind of move.
many people said about bubbles while it's not even close to it,
at least right now we're moving toward it but still far from it,because the supply itself and the demand still in a 'fair place'.
wait until we're reaching $50.000 more or less,
then we should see a bubble.
(it will only happen if we do not have anything to discover or improve)

[Rinsend]

many people say that bitcoin is too high.
and this is very risky to invest
but I think the bitcoin is still in the safe stage.
because the current price increase I think has not reached 50%
or even still far from 50%
I am sure it will be recorded in the history of the stock market record of every bitcoin gain earned

[cipher-x_09]

It's possible that every increase tide that there's always a downside to it we cannot hide that fact because investing in bitcoin is like a wheel of fortune it's never going to be that easy. So we have to be smart in every opportunity we make and make sure that we do not take advantage of what we have here in bitcoin.

[DroidR17A]

He's probably trying to cause a sell-off so that he can buy in bulk ahead of the CME BTC futures launch in two weeks. Man Group and even JP Morgan have said they'll be using CMEs service, which is likely to make the price grow even faster/higher.

I'd take what you read on the New Yorker with a pinch of salt.

[bbc.reporter]

@DroidR17A. I reckon he is talking from his own experience. Those people have experienced the rise and troughs of the markets for years. Bitcoin for them is no different.

[ivrynx]

I have nothing against the man, what he is saying is very convincing, considering the fact that we had already seen alot of bubbles, and it seems that bitcoin may not be different when it comes to those investments, however the fact is bitcoin is unlike those other investments, bitcoin is not a bubble, those bubbles that we had before cannot act as both asset and currency, while gold and bitcoin can, i think they need to do more research, since the comoanies in the past are not backed up by anything, they are just supposed to be assets.

[Wilhelm]

I've been in bitcoin for many years ... he's warning investors that Bitcoin isn't a regular investment.
It's a rollercoaster ride that most people aren't ready for.
Throw away anything you know about stockmarkets .... it will burn you fast