Wall Street Legend: Bitcoin to Lose 90% Cost This Year
January 23, 2018
The well-known Wall Street analyst and chief investment officer at Bleakley Advisory Group Peter Boockvar claimed, the cryptocurrency market is on its way out. As he said, the industry is in big bubble that started deflating.
«When something goes parabolic like this has, it typically ends up to where that parabola began», Boockvar noted.
The reputed investor considers BTC to lose about 90% of its current cost this year.
«I wouldn't be surprised if over the next year it's down to $1,000», he added.
It is to be underlined, that is the cost Bitcoin had a year ago.
The expert also addressed international central banks which actions encourage people to engage into it. Particularly, he criticized simplified money policy methods adopted by the US Federal Reserve System for redeeming its financial position after the global crisis.
Boockvar made it a point that investors will be putting up less into risky assets as soon as crypto market goes downhill. This may affect the general situation at the stock market yet quite slightly as the damage incurred is going to be more of psychologically disturbing character.
Let us remember predicting of epic fail for the popular cryptocurrency made by the Nobel price winner in economics Robert Shiller who compared Bitcoin obsession to the widely known trend of the 17th century:
«It reminds me of the Tulip mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive. Bitcoin might totally collapse and be forgotten and I think that’s a likely outcome but it could linger on for a good long time, it could be here in 100 years».