In this report, I cover the early market action from London on Wednesday, March 3rd, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the latest edition of the Economist magazine and at an article they have written about cryptocurrencies and bitcoin in particular. In it, they compare the cryptocurrency market to the Tulip Mania and the South Sea bubble.
The article brings out some salient points about the scalability and the speed of bitcoin transactions and with that, they conclude that cryptocurrencies and the blockchain probably have no future.
It is interesting that since the article came out last Friday the cryptocurrency market led by bitcoin has been on fire and has broken some key technical levels.
In this video, I look at the technical picture for bitcoin. My conclusion is that the Economist magazine might have just inadvertently called a major bottom in the cryptocurrency market with their most recent article in which they downplay the whole sector.
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That article is clearly written by ignorant tools who haven't done their homework. They are totally out of their depth when it comes to various types of consensus mechanisms out there. They obviously haven't heard of Proof-of-Stake. Also, second tier scalability solutions such as the Lightning Network of Bitcoin seems to escape them.
I agree with you and that's why it's a good contrarian indicator.
It's like the proverbial taxi driver telling you to sell. :)
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