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I Gotta Buy Me Some Bitcoin!  The One Economist Who got Me to Change My Mind…

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Paul Krugman says Bitcoin is a more obvious bubble than the housing market crash.  I thought the same thing… till I found out what he thought.

Anyone who knows anything about economics knows you do the exact opposite that which is recommended by the Pulitzer Prize-winning economist, Paul Krugman.

UPDATE:  My friend, and fellow cyclist who actually reported on the market for many years commented that, for once, Krugman might be right on Bitcoin.  I really have no desire or plans to buy Bitcoin, this post is more to point out the humorous “Do the Opposite of Krugman” rule.


12 Comments

  1. Gail says:

    You better believe it. The guy is a complete idiot.

  2. Tony says:

    I agree with your assessment of Krugman who famously forecast a market crash IF Donald Trump were elected. Not the best call, Paul. However, I haven’t read his reasoning, but as a guy who cut his teeth in markets, from pork bellies in the U.S. to coffee, cocoa and sugar in London, I would not buy Bitcoin with your money. I think it is a crash waiting to happen.

    • bgddyjim says:

      I absolutely agree – and at $18,000 a pop, and a mining operation that’s suspect at best, almost laughable, really, I agree with your assessment.

      Still, “the Opposite of Krugman” is usually sound. Perhaps I shall add that as an addendum to the post.

      • Tony says:

        One of the market sayings I learned on the floor of the Chicago Mercantile Exchange was, “Even a blind sow finds an acorn sometimes.”
        BTW, here is one for you. Do you know what a bicycle with no seat and no handlebars is for – a trader who has lost his ass in the market and doesn’t know which way to turn.

  3. Buy some deep section carbon hoops instead. You know it makes sense…. lol

  4. lampenj says:

    I just sold my Ethereum and Litecoin Wednesday at about a 3x gain since September because I felt this last week’s run up gave me an opportunity to take profit and see if it pulled back. Long term bitcoin, Litecoin, and Ethereum are very compelling, but I don’t want to be dumb, either. You know the saying…”pigs get fed, hogs get slaughtered”. 😉

  5. Archetype says:

    Working in RE financial and economic research for 12 years I can tell you without doubt that krugman like every other government/bank paid shill economist is an ignorant man. Yes, ignorant, In his rantings and posts for public consumption. What he really thinks is not published. We don’t know what he really thinks. If you want sound, REAL financial information, Zero Hedge is only one of a few source to exact this.

    krugman or know in the real world as thugman, did not utter a peep about the housing bubble until others warned, especially Nassim Taleb. who was once f the first to sound the bell. Then shills like krug-thug came along and echoed what many had been saying for years prior.

    I used to think that bank and government derived stats and financials were somewhat reliable, about two years in to my craft, then I began to discover otherwise. It’s utter garbage. All of it buddy. From the census to the cpi to the housing index to consumer spending to UE etc. The BEA is one of the worst for under-reporting and exaggerating numbers and figures.

    Shadowstats. zero hedge. Taleb.

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