Following Mike Novogratz's earlier comments about the launch of Bitcoin futures,
“The market trades like it wants to go up, not down...
We are in a speculative mania and my sense is we are still fairly early.”
Infamous 'Black Swan' theorist and tail-risk-hedger, Nassim Nicholas Taleb has a warning for the 'no brainer' traders hoping to use Bitcoin futures to bet against the 'bubble'...
In his tweet, Taleb said,
“No, there is NO way to properly short the bitcoin “bubble”. Any strategy that doesn’t entail options is nonergodic (subjected to blow up). Just as one couldn’t rule out 5K, then 10K, one can’t rule out 100K.”
Taleb's view was reinforced by Cybersecurity pioneer John McAfee in a tweet earlier saying:
“Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the blockchain, or you did not care enough to try.
Bubbles are mathematically impossible in this new paradigm. So are corrections and all else.”
For now prices are holding gains...