June 26, 2019 | Bitcoin Is Just a Game, but Real Estate Speculation Is a Looming Disaster

They don’t ring a bell at the top, as the old saying goes. Still, if you’re looking for scary signs of excess in the stock market, you couldn’t find better evidence of it than bitcoin’s psychotic rally. I’ve projected a move to at least 21,032 (see tout below), a 66% gain from current levels, but I hesitate to assert that that would be the end of it. It is matched by rampant speculation in the housing sector, where corporations have been snapping up 25% of all homes on the market to rent them or flip them for quick profits. Unlike the wilding spree in bitcoin, which is just a silly, stupid game, the inevitable collapse of the housing bubble holds grave implications for the U.S. economy.
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Rick Ackerman June 26th, 2019
Posted In: Rick's Picks