Bitcoin Buyers May Not Know If They're Buying at Lows or Before Crash
Wall Street veteran Dave Weisberger likened buying Bitcoin today to buying Amazon before its historic rise, saying investors won't know for years whether they bought near the equivalent of Amazon's early lows or before one of its painful crashes.
Weisberger made this comparison while speaking on The Wolf Of All Streets podcast, highlighting that buying Bitcoin is less about whether the asset succeeds and more about when investors enter the cycle.
The key question for every investor in the asset today is the entry point, said Weisberger. He explained that just as Amazon's price has fluctuated over time, Bitcoin's price has also been trading down by over 2% over the past 24 hours, with the current price at $63,000.
However, not everyone shares Weisberger's bullish thesis. Bloomberg Intelligence senior commodity strategist Mike McGlone warned that Bitcoin was still in a bear market and has yet to face a real macro stress test. According to McGlone, the big test has not yet started, and if Bitcoin drops 20% to 30% with equities falling, then the macro asset thesis is broken.