At $20K, Shad Olson Predicted Bitcoin Collapse to Gold Price or Below
The money masters of the universe are nothing if not jealous guardians of their casino,” Olson said. “They don’t take kindly to competition of any kind that they cannot either control or kill. And in the case of Bitcoin, it is far more likely that they will kill it than ever figure out how to control it.”
Bitcoin’s epic plunge continued on Black Friday, with the flagship cryptocurrency trading at $4,286 and below, down more than 600% from its high of $20,000 in late 2017. (CME price flashes had actually topped $27,000 in December trading, but failed to hold that level.)
An independent investor specializing in crude oil futures who has built his fortune using a proprietary algorithm correlating the U.S. Dollar index and WTI price, radio host, journalist and author, Shad Olson readily admits Bitcoin as the largest trading miss of his life, bailing on the cryptocurrency in early 2011 after the infamous unsolved Mt. Gox hacking event in which $900-million disappeared from the world’s primary online Bitcoin exchange.
“At the time, it seemed obvious with simultaneous statements by Credit Suisse and Goldman Sachs floating the idea of competing cryptos and calls by the IMF to criminalize cryptocurrencies as a destabilizing influence on world currencies that the global banking cartel was about to destroy Bitcoin and slam the door on similar impingements on their global fiat dominance,” Olson said.
“I bit the bullet and pulled the plug and took a relatively modest profit.”
He was seven years too early, a mistake worth $20-million in lost profit, or more that Olson says has cost him more than a few sleepless nights.
In summer 2017, Bitcoin exploded, doubling in price three times in three months, topping at $20,000 and change and flashing higher, inspiring some analysts to predict $100,000.00 as a Bitcoin price possibility.
Olson knew better and posted to social media openly predicting a closing of the parabola that would take Bitcoin back down the ladder in almost a mirror image of its stratospheric rise, predicting Bitcoin would be trading at or below the price of an ounce of gold by January 1, 2019.
“What should be more troubling to BTC investors is that all of the really bad things that could happen to cryptocurrencies and the crypto market are still waiting to happen,” Olson said.
“High frequency trading and mass shorting are small potatoes compared to the launching of a banking cartel competing crypto or the insertion of regulation to limit buying or selling or to criminalize crypto trading altogether. Those massively destructive things could still happen and in the minds of some fairly smart people, are still very likely,” Olson said.
Olson says due to the rapidity of the crypto’s meteoric rise, only modest resistance points exist on the downward slide, identifying $3,300 and $2,100 as two substantial shelves on the ride down.
“The money masters of the universe are nothing if not jealous guardians of their casino,” Olson said. “They don’t take kindly to competition of any kind that they cannot either control or kill. And in the case of Bitcoin, it is far more likely that they will kill it than ever figure out how to control it.”