It’s pump and dump, and you’re going to come down on your rump with a bump
According to bestselling author Harry Dent, who is adamant Bitcoin is in for a rough ride over the next year. Dent predicted all markets would crash in April, it didn’t come. He changed it to June and people are beginning to wonder if he is now right.
His argument is fairly compelling. Some would counter-argue that if you predict doom and gloom for long enough, you will eventually be right. The worrying thing is he has to be right sometimes.
The baby boom generation caused the greatest growth wave in the history of the world. Are we now entering the baby bust generation?
Harry Dent is a cycle guy
He’s a Harvard MBA with experience working for Fortune 500 companies. He is convinced the reason we have non-stop money printing is to offset the decline of the baby boom generation.
He scolds US monetary policy as the worst policies ever. And he is convinced central bankers are going to be destroyed by:
- Blockchain technology.
- Being the dumbest asses in history.
You can’t print money out of thin air and expect your problems to go away. He sees Blockchain as the internet of financial assets. The internet came along and disrupted traditional business. People like Jeff Bezos took full advantage. Now blockchain is set to make its mark in the same way, he thinks.
But before that happens, he warns:
“We always overvalue the next big thing.”
We’ve had a history of big crashes and blockchain is our modern-day Dutch Tulip Bulb Bubble.
But unlike the stupidity of paying God’s ransom for a flower bulb, Harry Dent suspects blockchain will be the next big thing…
BUT, and we really don’t like big BUTS
Blockchain, along with all our other assets, will have to step off the cliff before it can recover. A crash is a crash.