New Bitcoin All-Time High Squares Off Bulls And Bears

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As Bitcoin hit a new all-time high of $67,000 this week, it was foreseeable that all known Bitcoin bears would be roaring again. I mean, you didn’t expect them to admit they were wrong did you? As from this year though, the bears are opposed by ever stronger (and better known) bulls.

Just to make sure you know who’s on which side, let’s go over it.

The Bears

Michael Burry was a star of Michael Lewis’s great book The Big Short. He correctly predicted the bubble in the housing market and has since then been a respected voice when it comes to predicting crashes. For years he’s been calling Bitcoin the possible the mother of all crashes. Last week, Burry claimed that the biggest crypto was driven by speculative fever to insane heights from which the fall will be dramatic and painful.

Jamie Dimon is the CEO of JP Morgan, a well-known US business bank. He said in the beginning of October still that he believes Bitcoin “is worthless.” Problem is that he also admitted at the same time that his clients really want to buy Bitcoin, which may have helped drive up the price.

Jamie Dimon says bitcoin is “worthless.” (via @CNBCMakeIt) https://t.co/zc7UCOwbOs

— CNBC (@CNBC) October 17, 2021

Paul Singer manages $48 billion worth of investments through his firm Elliott Management. He is a known contrarian and said this year that anyone buying Bitcoin is deluded in “thinking they’re rational.” Paul believes he’s waiting for the crash so that he can say, “I told you so.”

The Bulls

On the other side, you have a handful of well-known CEOs and Wall Street’s best stockpicker of 2020 who have all come out as Bitcoin bulls this year.

Peter Thiel is the co-founder of PayPal, the founder of Palantir and the earliest investor of Facebook. He stated in 2021 that investing in Bitcoin is as logic as investing in a FAANG (Facebook, Apple, Amazon, Netflix and Google) in 2014.

Cathie Wood is the top stockpicker of Wall Street. A known Bitcoin bull, she thinks the price has only started to rise slightly by now and it will go for at least $500,000. Her fund ARK invests heavily in new technologies and in Bitcoin.

Elon Musk needs no introduction. The richest man in the world is a known Bitcoin bull. Earlier this week he tweeted a funny meme about Bitcoin hitting $69,000 soon.

pic.twitter.com/pCO0wNNZtz

— Elon Musk (@elonmusk) October 21, 2021

Lastly we have to mention Jack Dorsey, founder and CEO of Twitter and fin tech company Square. Jack is a firm believer in Bitcoin and said the crypto’s white paper is “pure poetry.” Dorsey warned earlier this week that hyperinflation is coming and it is therefore logic people would invest in crypto to hedge against it.

Too early

So who will come out victorious in the end, the bulls or the bears? Given that Bitcoin is only 13 years old, it’s probably too early to tell, but you can rest assured that CryptoTips will let you know whenever any of these bulls and bears speaks out on digital currency.