By Emily Graffeo
“The most important words (click here) in the inauguration speech were ‘protection will lead to great prosperity and strength.’ The border-adjustment tax was the answer to corporate-tax reform; it’s trade protectionism.“ ——David Rosenberg.
Economist David Rosenberg (click here) told Bloomberg he believes bitcoin is in a bubble and investors don't understand supply dynamics of the cryptocurrency.
"You speak to most people that are asking me to put money in bitcoin, they can't even tell you who the person was that developed it or even how it's actually mined," the Rosenberg Research chief economist said. "It's just a classic, follow-the-herd, extremely crowded trade. It's in a massive bubble."
Bitcoin reached a record high of $23,777 on Thursday shortly after topping $20,000 for the first time ever on Wednesday, marking a 20% gain over the past day. The cryptocurrency is now up over 200% year-to-date, but Rosenberg said the chart looks "absolutely crazy right now."
Bitcoin's rally comes as several institutional investors and fund managers place sky-high predictions for the coin. On Wednesday, Guggenheim's global chief investment officer, Scott Minerd, said bitcoin will surge to $400,000 based on its scarcity and value relative to gold....
