On December 8, 2013, with the price of Bitcoin near its all-time high, Bill Fleckenstein issued this ominous warning to King World News: “It (Bitcoin) is a giant chain-letter. Everyone will lose all of their money that puts money in it. It’s a complete joke. Even a crappy currency has government taxing ability behind it, or some sort of a standing army or something like that. Bitcoin is nothing. It’s dot-com mania 3.0 just moved one step over, right? People are so enamored with communication with their phone and online commerce and all of that. Now they’ve invented what they call a currency to mess around with it, and people are speculating in it the same way they speculated in this other crap. It’s not a currency at all, it’s a complete joke.”
The chart below shows how timely Bill Fleckenstein’s warning was regarding the Bitcoin craze:
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