One of the biggest Wall Street Bitcoin bulls just turned bearish

[jaredboice]

Karen is right to compare Ripple (read: FedCoin] to the dollar, but not for the reasons stated

[HeliKopterBen]

Many long term bulls and true believers are becoming bears.  That side of the trade is getting crowded.  We could be in for an epic short covering/ panic buying rally.

[Ultros]

People that turn bear after 1+ year of bear markets are not people you should follow. Being one year late is not a sign of insight.

[HarmonLi]

The only reason why really-early adopters still may cash out would be to hedge against the possibility that Bitcoin really is headed to $0 this time. I don't think the probability for this is very high but I can see why people may be wise to at least prepare for the possibility. Just keep in mind: Those people are most likely (still) deep in the black numbers, but just want to make sure not to lose out in case of BTC failing...

[ElectricMucus]

How stupid this is. I can't believe it.
A "Wall Street Guru" declares to be bearish AFTER price plunges from 1163 $ to 152$, a decline of 90% (now bitcoin prices are at 236 $). This is typical. Wall street analysts have no clue what's going on. Instead, most often they are a great contrarian indicator.
On bullbearanalytics, we have been BEARISH right in the 1000$ zone http://bullbearanalytics.com/2015/01/17/bitcoin-predictions-review-outperform-buy-hold/. We are fine not being called wall street gurus.. we don't care. we focus on doing the right analysis for our community members.
 

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Stop shilling for your pump & dump syndicate papa smurf

[manfred]

Ripple operates on the greater fools theory. Bitcoin on the other hand is a commodity just like Gold and the base price is what it cost to produce.

[S3052]

How stupid this is. I can't believe it.
A "Wall Street Guru" declares to be bearish AFTER price plunges from 1163 $ to 152$, a decline of 90% (now bitcoin prices are at 236 $). This is typical. Wall street analysts have no clue what's going on. Instead, most often they are a great contrarian indicator.
On bullbearanalytics, we have been BEARISH right in the 1000$ zone http://bullbearanalytics.com/2015/01/17/bitcoin-predictions-review-outperform-buy-hold/. We are fine not being called wall street gurus.. we don't care. we focus on doing the right analysis for our community members.
 

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Stop shilling for your pump & dump syndicate papa smurf

thanks for the kudos :-)
We just analyse and develop bitcoin forecasts. if people buy and sell thereafter, leading to pump and dump, that's totally usual. we know that our forecasts very often move the market.

[Nagle]

Bitcoin on the other hand is a commodity just like Gold and the base price is what it cost to produce.

No, it doesn't work like that, because of the way difficulty adjusts. The price of Bitcoin drives mining, not the other way around. Everybody on the mining side understands this, painfully.

[knight22]

Seems like Brian Kelly is making bull comments again:

Bitcoin futures market just changed the game

http://www.cnbc.com/id/102456187

[WhatTheGox]

Watch this part of this video:


https://www.youtube.com/watch?v=EFxsIbhPws4#t=1h07m30s



You see Brian Kelly (http://www.briankellycapital.com/bitcoin-big-bang/), one of the biggest Wall Street bitcoin bulls who wrote "the Bitcoin Big Bang: how alternative currencies are going to change the world" being concerned about bitcoin as an investment and admit that "bitcoin operates on a greater fools theory, which is fine until you run out of fools" .


Did we just witness one of the biggest Wall Street Bitcoin bulls just turn bearish?





By the way, the whole video is great is you're interested.

Someone announcing to the public they are bearish on bitcoins means they want to buy bitcoin.  Not fooled by this.

[tabnloz]

BK doesn't come across as bearish by any stretch.

http://www.cnbc.com/id/102456187

[Q7]

Fiat runs on the greater fools theory too, and there's a near infinite number of fools on the world anyway

Ha. Good statement. Sometimes things being so simple and yet everything is right there in front of us and we just chose not to accept it. By the way, I don't think the statement that Brian Kelly made is going to cause any negative effect. He's probably writing two sides of a story to gain some attention or readers.

[NotLambchop]

...
Someone announcing to the public they are bearish on bitcoins means they want to buy bitcoin.  Not fooled by this.

Conversely, someone announcing they're bullish means they're trying to GTFO.

[uki]

How stupid this is. I can't believe it.
A "Wall Street Guru" declares to be bearish AFTER price plunges from 1163 $ to 152$, a decline of 90% (now bitcoin prices are at 236 $). This is typical. Wall street analysts have no clue what's going on. Instead, most often they are a great contrarian indicator.
On bullbearanalytics, we have been BEARISH right in the 1000$ zone http://bullbearanalytics.com/2015/01/17/bitcoin-predictions-review-outperform-buy-hold/. We are fine not being called wall street gurus.. we don't care. we focus on doing the right analysis for our community members.
 

How about saying one thing and doing exactly the opposite? This what usually Wall Street guys do, right?

[tabnloz]

Another BK endorsement of bitcoin, highlighting use case for small business.

http://www.entrepreneur.com/article/243071

/thread

[cellard]

Everything is a greater fool theory, it's called free market.

[indiemax]

...
Someone announcing to the public they are bearish on bitcoins means they want to buy bitcoin.  Not fooled by this.

Conversely, someone announcing they're bullish means they're trying to GTFO.

Exactly 

[FUR11]

People are turning bearish all the time. And some are also turning bullish. The people on Wall Street are humans as well, they experience the same emotions as anyone else and they also make mistakes. Why shouldn't someone turn bearish, once in a while?

[ajareselde]

People are turning bearish all the time. And some are also turning bullish. The people on Wall Street are humans as well, they experience the same emotions as anyone else and they also make mistakes. Why shouldn't someone turn bearish, once in a while?

Saying bearish things is the best way to get the correct and direct answer. So he said "bitcoin operates on a greater fools theory, which is fine until you run out of fools"
where he was totally countered with a straight response, even a bit laughter.
To me it seams the his bearish statement was actually not his own personal opinion, but an answer to the wuestion many are asking.


cheers

[pattu1]

People are turning bearish all the time. And some are also turning bullish. The people on Wall Street are humans as well, they experience the same emotions as anyone else and they also make mistakes. Why shouldn't someone turn bearish, once in a while?

Wall street is driven by profits, nothing else.
They try to make money out of other people's emotions.