This Guy Called the Top In Bitcoin Back In December

06/13/18 01:24PM EDT

This Guy Called the Top In Bitcoin Back In December  - z bt

We hope you listened to us on Bitcoin.

During the dizzying heights of bitcoin mania and mass delusion, our Demography analyst Neil Howe issued a non-consensus call: 

Sell Bitcoin.

He caught a lot of flack for it at the time. Bitcoin was trading over $16,000. Days later, it hit its all-time high north of $19,000.

At the time, CNBC was parading one clueless market pundit after another, encouraging Mom & Pops investors to buy the cryptocurrency. We told our subscribers to sell it. Along with CNBC, Zero Hedge also couldn't resist joining the crypto-party. They chirped our bearish call on bitcoin.

Cue #EggOnFace.

This Guy Called the Top In Bitcoin Back In December  - zhed

For the record, bitcoin has plunged 67% since we made the call.

This Guy Called the Top In Bitcoin Back In December  - z bitcoin hedgeye

The latest Bitcoin crash appears to be a reaction to the release of a new study by University of Texas-Austin researchers indicating that Bitcoin prices were manipulated last year—when Bitcoin soared from $800 to nearly $20,000. The research presents evidence that another cryptocurrency called Tether was used to purchase Bitcoin after market downturns, thereby propping up Bitcoin prices.

Below is a 5-minute clip from this past December where Howe explains why he recommended selling the cryptocurrency.

https://youtu.be/jVDzzp85D1M

This Guy Called the Top In Bitcoin Back In December  - market brief

© 2019 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.