First it was the stock market. Now, it’s bitcoin.
David Stockman, President Ronald Reagan’s former director of the Office of Management and a relentless Wall Street bear, is warning investors that the cryptocurrency boom will end disastrously. “It’s basically a class of really stupid speculators who have convinced themselves that trees grow to the sky,” he told CNBC’s “Futures Now” last week.
“It will burn out in a spectacular crash. All of these latter-day speculators will have their hands burned to a crisp, and they will learn the proper lesson.”
Stockman’s latest prophecy isn’t exclusive to bitcoin. He’s been saying a “gigantic, horrendous storm” could soon hit stocks.
In September, he warned investors that a 40 to 70 percent correction wasn’t too far down the road. On Friday, the Dow Jones Industrial Average flirted with 25,000, with the S&P trading just shy of a new record. Read more from cnbc.com…
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