Keep Calm And Hodl? CNBC Guest Tells Bitcoin Critic to ‘Piss Off’
The mainstream media debate over Bitcoin
as a success or failure approached live comedy this week after a “brawl” broke out between guests on a CNBC panel. In an exchange which ended an edition of the network’s increasingly notorious Fast Money segment, regular contributor and RiskReversal.com editor Dan Nathan told Evercore ISI technician Rich Ross to “go piss off” after he criticized Bitcoin’s performance.
Ross had previously maintained that Bitcoin was a poor investment choice in the past few months due to its near-50% fall this week. Traditional stock investments, on the other hand, had allegedly fared better, with Ross giving the example of Boeing’s 200% gains since 2016. As Zerohedge notes, reproducing the unedited version of the exchange, Ross had failed to note Bitcoin’s annual gains of over 1000% in 2017 alone. Nathan labeled him “glib” to deride it. “You’ve been wrong, so don’t say that I’m glib,” Ross retorted before Nathan weighed in with the fateful remark:
“You don't know what I've done, you don't know what my call is, so go piss off, seriously.”
The episode continues Fast Money’s somewhat bizarre approach to Bitcoin reporting. In December, the segment made headlines for suddenly switching allegiances to become extremely bullish on altcoin Bitcoin Cash. At the time, its dedicated Twitter account began publishing material which strongly criticized Bitcoin, telling respondents to “deal with” the rise of Bitcoin Cash instead. That style of content has since not made a return.
Yale Prof. Shiller Thinks Bitcoin’s ‘Bubble’ Could Actually ‘Linger 100 Years
Yale economics professor and Nobel Laureate Robert Shiller has admitted
in an interview with CNBC Thursday, Jan. 18., that he now “doesn’t know what to make of Bitcoin ultimately” after earlier calling it “the best example of a bubble”. In fresh comments Thursday, several months after he told host Brian Kelly it was Bitcoin’s “story” not its value that had sparked public interest in it, Shiller told reporters “it [Bitcoin] has no value at all unless there is some common consensus that it has value. Other things like gold would at least have some value if people didn't see it as an investment,” repeating a common narrative that investment in Bitcoin is like the 17th-century Tulip Mania. Though he admitted his uncertainty as to what Bitcoin’s fate will be, Shiller overall remains sceptical,
stating:
“[Bitcoin] might totally collapse and be forgotten and I think that's a good likely outcome but it could linger on for a good long time, it could be here in 100 years.”
Bitcoin’s two-day slump this week has partially recovered to challenge $12,000, making it worth over 160 percent more than when Shiller made his previous bubble claims in early September, 2017.
Chuck Reynolds
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