Franklin Sanders comments on Bitcoin:Readers keep asking me what...

Franklin Sanders comments on Bitcoin:

Readers keep asking me what I think about Bitcoin. I don't think about it at all. It's just fiat currency gone digital, backed by nothing but the feckless dreams of computer jockeys. Interesting that the Federal Government went out of its way to say that Bitcoin is legal. Maybe they like the pattern of a universal digital currency, who knows?

Worst of all, I looked at Bitcoin's chart. It's in a classic hyperbolic upside blowoff. Having been bitten and mauled by a couple of those, I know that spells death soon. I'd get out, no matter how many newsletters and internet gurus recommend it. This chart always ends the same.