|I just had to add this comment by Ronnie Moas ( Ranked #218 out of 4,652 Analysts on TipRanks) in his most recent newsletter:|
See bottom and attachments if you missed my notes yesterday. What I added this morning (below) are some famous predictions from the last 100 years that a client forwarded to me on Friday.
Bitcoin corrected from $5,000 to $3,000 last week … now back at $3,600 and a $60 bln valuation … still 100% above the July low of $1800. Jamie Dimon had something to do with the drop to $3,000 after he referred to bitcoin as a scam in an interview last week.
I have been asked by several people for my reaction to that and this is what I have been responding with: Bitcoin is no more of a scam than much of the financial services industry that includes banks and insurers. Just look at all of the fines, penalties and lawsuits that this space has been hit with. He asks … What is backing Bitcoin? My response is … What is backing the US dollar which is down 75% since I was born 50 years ago. I don't know what people expect him to say. Bitcoin is a threat to his industry because people can now transact and get around fees and scams that his bank is involved in. People can put their savings into a currency that actually appreciates in value instead of one that depreciates in value. As for his comments that this is a bubble -- he said that when bitcoin was at $400 a couple of years ago and now we are at $3,600. You need to take any critical words coming from the financial services industry with a grain of salt. Bitcoin 28% off its high … nice entry point. I added a few thousand dollars in Bitcoin to my account today. Buy and Hold … add on dips. Play this exactly the way Amazon was played from $100 to $1000.
Someone forwarded me a list of famous predictions below. I expect he will be added to this list a few years from now … or maybe I (and my $50,000 2027 price target) will be (lol).
"It's worse than tulip bulbs. It won't end well. Someone is going to get killed." — JP Morgan Chase chief executive Jamie Dimon, on Bitcoin, in 2017.
"This 'telephone' has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us." - Western Union internal memo, 1876
"Rail travel at high speed is not possible because passengers, unable to breathe, would die of asphyxia." - Dr. Dionysius Lardner, 1830
"I think there is a world market for maybe five computers." - Thomas Watson, chairman of IBM, 1943
"Everyone acquainted with the subject will recognize it as a conspicuous failure." - -Henry Morton, president of the Stevens Institute of Technology, on Edison's light bulb, 1880
"The horse is here to stay but the automobile is only a novelty—a fad." - -The president of the Michigan Savings Bank advising Henry Ford's lawyer not to invest in the Ford Motor Co., 1903
"Television won't last because people will soon get tired of staring at a plywood box every night." - -Darryl Zanuck, movie producer, 20th Century Fox, 1946
"No one will pay good money to get from Berlin to Potsdam in one hour when he can ride his horse there in one day for free." - King William I of Prussia, on trains, 1864
"The wireless music box has no imaginable commercial value. Who would pay for a message sent to no one in particular?" - -Associates of David Sarnoff responding to the latter's call for investment in the radio in 1921
"How, sir, would you make a ship sail against the wind and currents by lighting a bonfire under her deck? I pray you, excuse me, I have not the time to listen to such nonsense.” — Napoleon Bonaparte, when told of Robert Fulton’s steamboat, 1800s
“The idea that cavalry will be replaced by these iron coaches is absurd. It is little short of treasonous.” — Comment of Aide-de-camp to Field Marshal Haig, at tank demonstration, 1916
"I must confess that my imagination refuses to see any sort of submarine doing anything but suffocating its crew and floundering at sea.” — HG Wells, British novelist, in 1901