[2021-01-20] Economic Experts Flummoxed by BTC’s Spectacular Rise, Sold USD 19K

[maniacmusic]

Investors who cashed in on their bitcoin (BTC) holdings before the token hit the USD 20,000 threshold have been eating humble pie – with one admitting, “When I sold bitcoin at USD 19,000. I thought I was the smartest person around.”

The admission came in an interview with Mohamed El-Erian, a prominent economic adviser at Allianz and the President of Queens’ College at the University of Cambridge conducted by the Centre for the Study of Financial Innovation.

He stated,

“I was asked on a TV show when bitcoin was at USD 19,000, ‘Would you be a buyer?’ And I said I would not buy until the price goes [down] to below USD 5,000.”

El-Erian then went on to explain that he did indeed buy at USD 5,000, but later proceeded to cash in when the token reached the USD 19,000, thinking that his move had been “smart.”

https://cryptonews.com/news/economic-experts-flummoxed-by-btc-s-spectacular-rise-sold-at-8954.htm

[acquafredda]

The author of the article, after some thorough research might have been amazed about how many "smart" people like this guy bitcoin has seen throughout its life. I remember those who felt super smart selling @ $100

[cr1776]

The author of the article, after some thorough research might have been amazed about how many "smart" people like this guy bitcoin has seen throughout its life. I remember those who felt super smart selling @ $100

Exactly. It is like the Emperor's New Clothes, there are a lot of people who think they are smart but in reality it is just an illusion.  

Like many so-called financial analysts who are several days late to the party.  Like most politicians who believe they have the right to rule people instead of letting people make their own decisions.  And the people who say "I don't know enough to decide for myself, yet I think I am competent to vote for someone to make decisions for everyone else" are equally as bad.

[figmentofmyass]

The author of the article, after some thorough research might have been amazed about how many "smart" people like this guy bitcoin has seen throughout its life. I remember those who felt super smart selling @ $100

Exactly. It is like the Emperor's New Clothes, there are a lot of people who think they are smart but in reality it is just an illusion.  

Like many so-called financial analysts who are several days late to the party.

humans are plagued by recency bias. if an asset triples in price, the price naturally begins to appear too high. who in their right mind would buy bitcoin at $19k when i just bought at $5k a few months ago? idiots! sell everything!

these people don't realize that bitcoin is changing the entire financial paradigm. it's like they think it's another tech stock in the dot com bubble. they can't conceive of the idea that bitcoin is replacing money as we know it. thinking it's limited to a tiny 280% rise is madness.

[acquafredda]

The real point is to never forget those who are the real targets of these articles: bitcoin tends to be represented like a wild speculative asset with no underlying value that should not even be considered by the general public.