A Famous Trader Says History Proves The Bitcoin Bubble Is Destined To Burst

bitcoin on computer chip


Bitcoin is easily the hottest cryptocurrency in the digital streets right now, with the price of a single unit currently sitting at close to $12,000 at the time of this writing. While the currency has a tendency to be incredibly volatile, it continues to trend upward, making the Winklevoss twins feel a little bit better about getting screwed over by Mark Zuckerberg thanks to an investment now worth over $1 billion.

Some analysts believe one Bitcoin could be worth $100,000 by the time 2017 rolls around, but others aren’t so optimistic. Many people in the traditional world of finance have suggested the Bitcoin boom is a massive bubble waiting to burst, and there’s one famous trader who says all we have to do is look by at history to understand why its downfall is inevitable.

Mark Fisher is a veteran trader with over 35 years of experience in the field who recently appeared on CNBC to talk about the future of Bitcoin. He compared the popularity of the currency to the rise of silver in the late 1970s, which went from $6.08 per troy ounce to $49.95 within one year (a rise of 713%). The increase in price was mostly due to the actions of Nelson and William Hunt, two brothers who hoarded a sizeable percentage of the world’s silver to artificially inflate the price. After regulations were put in place concerning the trade of the commodity,  its valued plummeted to under $11 as the brother scrambled to sell theirs off.

Fisher elaborated on his thoughts, saying:

“The reason people are so attracted to bitcoin is because people want something that’s actually moved dramatically, that there’s no Wall Street to it… Bitcoin was what silver was back in the late ’70s and ’80s — for sure. No rhyme or reason.”

In my experience, you can’t even tweet a joke about Bitcoin declining in value without people who have market charts as their avatar deciding to invade your mentions and accuse you of being a technologically-inept simpleton who is just mad they didn’t jump on the bandwagon early. Thanks to this phenomenon, I’m sure I’ll be at the receiving end of some irrationally angry comments from some people who only read the headline of this article.

Hell hath no fury like a Bitcoin owner scorned.

Connor O'Toole avatar
Connor Toole is the Deputy Editor at BroBible. He is a New England native who went to Boston College and currently resides in Brooklyn, NY. Frequently described as "freakishly tall," he once used his 6'10" frame to sneak in the NBA Draft and convince people he was a member of the Utah Jazz.