![\"Economist](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/01\/david-rosenberg-bitcoin-768x432.jpg\")
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Economist David Rosenberg has pleaded \u201cignorance on bitcoin\u201d after saying that the cryptocurrency was in a massive bubble. He admitted that bitcoin has exceeded his expectation but he still prefers gold because he understands it a lot better than bitcoin.<\/strong><\/p>\n David Rosenberg, chief economist and strategist at Rosenberg Research, admitted Thursday on Trading Nation that bitcoin had exceeded his expectation.<\/p>\n His admission came after he said in December that bitcoin was \u201cin a massive bubble.\u201d The economist told Bloomberg at the time that BTC<\/a> was \u201cjust a classic, follow-the-herd, extremely crowded trade.\u201d Furthermore, he made the easily-disproven claim that bitcoin\u2019s code does not limit the supply to 21 million coins, believing that \u201cthere\u2019s really nothing in the protocol to suggest that the supply of bitcoin can\u2019t go up once we hit that limit.\u201d<\/p>\n When asked on Thursday about how he sees 2021 playing out for bitcoin, Rosenberg said:<\/p>\n I\u2019ll just plead ignorance on bitcoin. I just happen to understand gold a lot more.<\/p>\n<\/blockquote>\n He proceeded to compare bitcoin to gold. \u201cI\u2019ve been very bullish on gold,\u201d he noted. \u201cThe one thing I know about gold is that it has one-fifth the volatility that bitcoin does.\u201d While reiterating that he prefers gold to bitcoin, the economist conceded:<\/p>\n I think bitcoin has exceeded almost everybody\u2019s expectations, maybe not everybody, certainly has exceeded mine.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n Looking at bitcoin\u2019s chart, Rosenberg was also asked whether he sees bitcoin as \u201cthe biggest bubble going on right now.\u201d He replied:<\/p>\n I\u2019d say that there\u2019s some other high flying stocks in the S&P 500 that could rival that but I would say yeah \u2026 all you had to do was take a look at the chart of bitcoin for the past couple of months and it looks parabolic.<\/p>\n<\/blockquote>\n Pointing out that one can overlay the bitcoin chart for the past couple of months with the dot-com stocks, he concluded: \u201cI\u2019m not going to say it\u2019s going to plunge like the dot-com stocks did but the parabolic move in bitcoin in such a short time period I would say, for any security, is highly abnormal.\u201d<\/p>\n Nonetheless, Rosenberg said that for investors who \u201cwant to get rich quick\u201d and \u201ccan stomach the volatility, I\u2019m not going to tell you not to go buy bitcoin.\u201d<\/p>\n Do you agree with David Rosenberg about bitcoin? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Economist David Rosenberg Pleads Ignorance on Bitcoin After Predicting Massive Bubble<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n\u2018Bitcoin Has Exceeded Almost Everybody\u2019s Expectations\u2019<\/h2>\n
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