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    Home»Crypto News»Monetary Analyst Jesse Colombo: Gold Will Hit $20K After Crypto and Tech Bubbles Collapse
    Monetary Analyst Jesse Colombo: Gold Will Hit K After Crypto and Tech Bubbles Collapse
    Crypto News

    Monetary Analyst Jesse Colombo: Gold Will Hit $20K After Crypto and Tech Bubbles Collapse

    By Crypto EditorDecember 8, 2024No Comments4 Mins Read
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    Jesse Colombo, often called the “Bubble Hunter” for his experience in figuring out and warning about speculative bubbles, has constructed a fame as a contrarian voice in monetary markets. He gained prominence after predicting the 2008 monetary disaster and has since centered on highlighting dangers in numerous asset courses, together with actual property, tech shares, and cryptocurrencies. Colombo is a vocal advocate for monetary stability, usually cautioning towards exuberant market conduct.

    On Dec. 7, in a put up on the social media platform X (previously Twitter), Colombo referred to as Michael Saylor’s proposal to promote all of America’s gold to buy Bitcoin “outrageously silly.” He attributed this stance to gold’s long-standing historical past as a retailer of worth, which spans over 6,000 years, in comparison with Bitcoin’s mere 16 years of existence. Colombo emphasised that gold’s enduring position in human civilization makes it irreplaceable, significantly by an asset he believes lacks the identical historic basis.

    Colombo additionally criticized Bitcoin’s evolving narrative, mentioning that its unique objective, as outlined within the 2008 white paper, was to function a digital foreign money. He argued that Bitcoin’s emergence as a “retailer of worth” was a later growth, pushed primarily by speculative value will increase relatively than its inherent design. This shift in narrative, in keeping with Colombo, undermines the credibility of Bitcoin as a long-term asset and contrasts sharply with gold’s well-established fame as a dependable retailer of worth.

    In his critique, Colombo shared that he’s engaged on an intensive report outlining 25 main flaws of Bitcoin and cryptocurrency generally. His aim, he stated, is to counter the rising motion advocating for gold’s alternative by Bitcoin, which he described as irrational and emblematic of a “crypto mania” interval. Colombo expressed hope that his report would make clear the dangers related to Bitcoin and cryptocurrencies, opening folks’s eyes to what he perceives as their vulnerabilities.


    Colombo additional elaborated on what he sees as considered one of Bitcoin’s main weaknesses: its correlation with leveraged tech inventory ETFs. He asserted that Bitcoin behaves extra like a speculative tech inventory than a strong asset, making it unsuitable for nationwide reserves. With the U.S. economic system already closely uncovered to dangers from what he described as a large tech inventory bubble, Colombo argued that including Bitcoin to the combo would exacerbate these vulnerabilities. As a substitute, he advocated for growing gold reserves, which he views as a safer hedge towards financial and market instability.

    Highlighting the contrasting nature of gold and Bitcoin, Colombo referred to gold because the “antidote” to speculative bubbles in tech shares, startups, and cryptocurrencies. He described Bitcoin and different digital belongings as “ephemeral” and “Mickey Mouse crypto-crap,” predicting that gold would surge previous $20,000 per ounce when these speculative belongings inevitably collapse.

    Colombo concluded his critique by expressing a private objection to Saylor’s proposal. He said that he doesn’t need choices like promoting U.S. gold reserves to purchase Bitcoin to have an effect on him or others. Whereas he acknowledged Saylor’s proper to put money into digital tokens, Colombo made it clear that he opposes forcing such speculative choices onto the general public. He reiterated his confidence in gold’s time-tested position as a monetary safeguard and rejected Bitcoin as an unproven and dangerous different.

    Michael Saylor has floated the thought of promoting all of America’s gold to purchase Bitcoin.

    That’s an outrageously silly concept for a lot of causes, considered one of them being that gold has served humanity for six,000 years whereas Bitcoin has solely been round for 16 years.https://t.co/0b5ELC3PMc

    — Jesse Colombo (@TheBubbleBubble) December 7, 2024

    Featured Picture by way of Pixabay





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