CHART OF THE DAY: Poor Bitcoin Bastards

02/02/18 07:59AM EST

Editor's Note: Below is an excerpt and chart from this morning's Early Look. It was written by Hedgeye CEO Keith McCullough.

While you’d hardly characterize the SP500 correcting -2% or -3% from last week’s all-time closing highs as something that’s gone really wrong, you might say that being long Bitcoin during its -52% crash from the December highs has.

...let’s say you were one of the poor bastards sitting at home who got sucked into the manic CNBC coverage of the thing in December who owns it 108% higher. You realize that when you’re wrong by -52%, you need to be up +108% to get back to break-even, right?

CHART OF THE DAY: Poor Bitcoin Bastards - 02.02.18 EL Chart

© 2024 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.