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Thread: Stay Away from Bitcoin, It's an ‘Absolute Bubble’ Says Tocqueville's Hathaway

  1. #1

    Default Stay Away from Bitcoin, It's an ‘Absolute Bubble’ Says Tocqueville's Hathaway

    Tocqueville’s Chairman John Hathaway doesn’t mince words when it comes to to talking bitcoin. When asked about the cryptocurrency craze, Hathaway, manager of the $1.2 billion dollar Tocqueville gold fund, simply said, ‘garbage.’ “It's an absolute bubble -there's no question in my mind that it's in a bubble,” he said on the sidelines of the precious metals summit in Beaver Creek, Colorado. Since the start of the year, bitcoin has rallied over 300% and is currently trading over $3,800. “Sure you can make money in bubbles any time but you have to get out. Let's not forget that the total market value of these cryptocurrencies is $180 billion or so, maybe a little less now -that's tiny compared to gold.” In a recent talk, Allianz’ chief economic adviser, Mohamed El-Erian said that the recent interest in the cryptocurrencies is taking away from a gold rally. Other experts have echoed the same concerns. Hathaway thinks otherwise. “The idea that cryptocurrencies have somehow diverted interest in gold is baloney, it's just not true.”


  2. #2

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    It might be a bubble; but it might also be because its a new revolutionary asset that no one can wrap their head around
    And because of its unique feature makes it valuable in short span. Diversify and own some bitcoin, do not discount its possibility of appreciating

  3. #3

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    A "revolutionary asset" that no one can "wrap their head around" (digital currency) has a "unique feature" that's "valuable in the short span"?

    What unique feature would that be that will soon be copied...or perfected or restricted, so what YOU "wrapped your head around", early on, won't be able to be repeated?

    Personally, I don't understand why anyone would give value to a non-thing, at least with a buck, I can hold one in my hand, yet here we are, one non-thing has more value than one ounce of gold

    Teaches me that people will gamble on anything
    which is o.k. with me
    just be careful about the message you preach, you don't want it to turn to poison
    Honor for US, Justice for Our Children! Now!

  4. #4

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    Way too volatile to be used as a currency.

    Its a very expensive penny stock.
    Politicians and diapers must be changed often, and for the same reason. -Mark Twain

    The purpose of life is to matter, to be productive, to have it make some difference that you lived at all. -Leo Rosten

  5. #5

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    Why are we supposed to spend one minute, 23 seconds of our lives listening to some guy say that Bitcoin is a bubble, with no facts to back it up other than "two guys say"? Why didn't Kitco interview his two "experts" instead?

    Me and my pool cleaner both say this guy is misguided. I want 1:23 with Daniella to say "Oh yea?" in rebuttal.

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