Posted 1/15/2024, 5:05:00 PM
Bitcoin's Extreme Volatility Makes It More Like Gambling, Warns Top Economist Rosenberg
- Bitcoin is extremely volatile, making it more akin to gambling than investing, says top economist David Rosenberg
- Cryptocurrencies are much harder to accurately value compared to stocks, bonds, cash, and commodities
- Bitcoin's price swing after the recent SEC decision illustrates its volatility
- Rosenberg argues bitcoin exemplifies the "greater fool" theory - people buy it hoping to sell to someone more foolish
- Rosenberg emphasizes that crypto doesn't yield a return for investors, making it very difficult to value