On The Economist and on the prediction of cryptocurrency market

in #bitcoin7 years ago (edited)

The June 3rd, 2017 The Economist published an article with the title: "What if the bitcoin bubble bursts?".

You can have a look at the article here: http://www.economist.com/news/leaders/21722841-latest-frenzy-tulipmania-gold-rush-or-dotcom-boom-what-if-bitcoin-bubble

So what?
So what if the bitcoin bubble bursts? Tell me, my dear Economist under your 'Virtual Vertigo' headline. The Economist knows. He knows that bitcoin is just another dotcom boom. Don't except more. They already saw that story.

Applause.

Now, let's takes our Time Machine and select as a destination the 30th December 2014. That day, Bitcoin was around 300 Dollars after a year of a slow decline from the 1000 dollars in December 2013.
The journalists of The Economist did not hesitate to publish this on their Facebook page:
(https://www.facebook.com/TheEconomist/posts/10152945126724060:0).

OMG! They are so smart. They knew. Back in 2013 they predicted that was just another dotcom bubble.
If you did not reach (already!) your article limit on The Economist you can read the article "The Bitcoin bubble" date December 2013 and see the closing Bitcoin death sentence: "So let thousand altcoins bloom. In the meantime, if you are lucky or clever enough to have owned an asset whose price has risen 60-fold in a year, it might be time to sell".
(http://www.economist.com/news/leaders/21590901-it-looks-overvalued-even-if-digital-currency-crashes-others-will-follow-bitcoin)

Applause.

What The Economist did not predict in 2013 is that the value of Bitcoin would have reached almost 3000 Dollars in 2017. With a lot of other cryptocurrencies booming.
(Sentence 1) If next year, Bitcoin goes down again I am quite sure The Economist will publish an article saying that they predicted that was just another bubble.
(Sentence 2) If next year, Bitcoin reach 5k Dollars , The Economist will publish another article saying that is going to be a bubble (Start again from Sentence 1).

(In this tweet you can find the real story of the journalist that wrote the article in 2013 https://twitter.com/caleb_fenton/status/874340038456348672/photo/1)

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caleb_fenton Caleb Fenton tweeted @ 12 Jun 2017 - 18:58 UTC

Sums it up well imho https://t.co/WrO1Quqsa1

Disclaimer: I am just a bot trying to be helpful.

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