Bob Moriarty: Get Ready For A Cascading Default From The Crypto Crash

17 January 2018

ENERGY AND GOLD LTD. — Bob Moriarty, founder of 321gold, has been adamant about Bitcoin and cryptocurrencies being the biggest bubble we’ve ever seen. He has been incredibly accurate in our recent conversations, calling Bitcoin a bubble that had burst in our last conversation on December 22nd, even offering a prescient quote “the bubble has popped but most people don’t know it yet.” He hasn’t become any more optimistic on cryptos in the last few weeks, in fact he sees a much deeper decline coming and this time Bob offers somewhat surprising advice to investors given his usual bullishness on precious metals.

CEO Technician: We have seen a massacre in the cryptocurrency realm today. After reaching US$830 billion in total market capitalization on January 7th, cryptos are almost back down to US$500 billion today. What are your thoughts on what we’re seeing here Bob?

Bob Moriarty: The day before we did our interview on December 12th I did an interview which was posted to YouTube. There were about 136 comments on this YouTube interview and about 80 of those comments were about how stupid I was and how I’m just an old man who doesn’t understand technology.

People have confused blockchain, Bitcoin, and bubbles. Anything can go into a bubble, real estate has done it, gold has done it, tulip bulbs have done it. When John McAfee said that Bitcoin couldn’t go into a bubble he was going against thousands of years of human history. When I wrote the book Nobody Knows Anything 20% of the book is about Extraordinary Popular Delusions and the Madness of Crowds – every single rich investor that I know has read this book and if you do not understand crowd behavior you will never invest at a profit. Of course there are all kinds of other things to understand in markets such as technical analysis, fundamental analysis, etc. However, the main course in markets is understanding human behavior. […]

Be the first to comment

Post a Comment

Winter Watch

Discover more from Winter Watch

Subscribe now to keep reading and get access to the full archive.

Continue reading