• HEDGEYE’S MARKET BRIEF
    Our FREE Investing Newsletter
    Get Exclusive Summer Sale Discounts

    By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. All Hedgeye products and services are subject to Hedgeye’s Terms of Service available at www.hedgeye.com/terms_of_service

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.

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