Thursday, September 26, 2019

Taking on Bitcoin Supporters

Bitcoin has broken below $8,000, a drop of more than $1,500 since the start of the week.

Over the last three days, starting with bitcoin still above $9,500, I wrote in the EPJ Daily Alert:
A few weeks back an ALERT reader asked whether Bitcoin could be used as a hedge against inflation the way I am using gold, gold stocks and gold ETFs. I played down the idea based on the regulatory climate. Gold is simply a much purer inflation play than Bitcoin.
Now, I am beginning to see even greater deterioration in the technicals surrounding Bitcoin. I imagine that most ALERT readers are not holding any Bitcoin but if some of you are you may want to consider liquidating now.
After I wrote that I was challenged and had to go in for the heavy smash.

This is what one ALERT subscriber said about the smash:
#OMG. I finally got home to open my EPJ Daily Alert from both today and yesterday. Damn @WenzelEconomics , that was an excellent response on #Bitcoin.
I'm sick of "if mr. x doesn't say buy #BTC bc x doesn't understand it". I'll keep my profits dude, here's coin.
Subscribe to the EPJ Daily Alert today and I will include my two day takedown of Bitcoin with arguments that have never been made before. Subscribe here.



  1. Bob, was talking to a friend a few days ago who knows way more about crypto’s than I do and we have friends who are deep into them, and this is the big reason I was told by them that bitcoin is taking a dump.

    I don’t see google ruling the world, but this is pretty fascinating stuff. You don’t see people coming out saying they can counterfeit gold.
    Also, Bitcoin’s brazen supporters came out and pretty much challenged the world in saying that no one could break them, so of course someone is going to try and will succeed eventually.
    Gold supporters for the most part keep their mouths shut and don’t say “come get us if you can”. We will see. I have nothing against cryptocurrencies, but I feel a lot better about gold and silver.

    1. TBH Bitcoin has always been a quite rudimentary and flawed crypto. Over the years many on the forefront of the tech said it would have to evolve to remain relevant as an exchange medium.

      I dont think it has done that and as tech advances around it, this was easily foretold as Joshua points out.

  2. Its called correction. Time to load up. Bitcoin 100,000.