…[Below is a asset bubble chart showing that]…bitcoin is now the biggest bubble in history, having surpassed the Tulip Mania of 1634-1637.
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[That being said]…crypto pioneer Mike Novogratz…said Monday on CNBC’s “Fast Money that “Bitcoin could be at $40,000 at the end of 2018 and ethereum could triple to $1,500 as well.”… [The above chart is from Convoy Investments’ Howard Wang and Robert Wu with Wang commenting that,] “when we see a dramatic rise in asset prices, there is often an internal struggle between the two types of investors within us.
- The first is the value investor, “is this investment getting too expensive?”
- The second is the momentum investor, “am I missing out on a trend?”
I believe the balance of these two approaches, both within ourselves and across a market, ultimately determines the propensity for bubble-like behavior. “When there is a new or rapidly evolving market, our conviction in the value investor can weaken and the momentum investor can take over.”
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