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Bitcoin bust forecast to follow boom
Posted By -NO AUTHOR- On 11/25/2013 @ 10:26 pm In Front Page,Money,Politics,U.S. | No Comments
Digital bitcoin currency is all over the news lately, but what's the real story?
This week's podcast from economist, columnist, radio host and international speaker Jerry Robinson, in his "Follow the Money Weekly" program, has all the details.
"Bitcoin is a very unique, unbelievably attractive form of money, currency," Robinson said. "It has the benefit as operating as a medium of exchange. It's legal."
But he noted that he was introduced to it when it was about 40 cents – and now it's in the range of $800.
"The problem is that it doesn't operate as a store of value, unlike, say, gold," he said. "This is my beef with the whole bitcoin vs. gold argument."
Robinson brings onto his program Trace Mayer, who has produced the ebook "Bitcoin Beginner's Guide."
"This is not going to end well for those who are buying at these levels," Robinson suggested. "Could it go higher? It could. Much higher. But I think it's going to be boom, bust, boom, bust."
He noted that there now are numerous "bitcoin wannabes" out there.
"It's all a bubble, designed to get your eye off the ball," Robinson said.
He said a bitcoin is "strictly for speculative money."
Tom Cloud also joins the podcast to talk about precious metals, and Jay Peroni and Jennifer Robinson discuss the latest changes in stock portfolios.
Podcast is 56:10.
Jerry Robinson is an economist, published author, columnist, radio talk show host, and international conference speaker. Robinson has been quoted as an economic authority by USA Today, FoxNews and many other news agencies. His columns have appeared regularly in numerous print and web publications, including WND. In addition, Robinson is also the editor-in-chief of the popular economic newsletter, "Follow the Money Quarterly."
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