Stocktake: Bitcoin ‘fanatics’ attack Jeremy Grantham

The investor’s ‘fairly bland’ opinion about the crytocurrency attracted personal insults

Jeremy Grantham: ‘There was no insult that was not good enough for me, not just senility and old age and complete ignorance about bitcoin’.

Jeremy Grantham: ‘There was no insult that was not good enough for me, not just senility and old age and complete ignorance about bitcoin’.

 

Veteran investor Jeremy Grantham received a torrent of online abuse recently after dismissing the investment appeal of bitcoin. That abuse, says Grantham, suggests the equity bull market (in his eyes, a bubble) may burst within months.

Grantham has argued in the past that rapidly rising hostility to market bears is a very good indicator of a late-stage market bubble.

He returned to that theme last week, noting he had recently given his “fairly bland” opinion about bitcoin, namely that it was faith-based.

This commonplace observation was greeted by “armies of individual fanatics”, says Grantham. “There was no insult that was not good enough for me, not just senility and old age and complete ignorance about bitcoin. I got three insults back about my big ears, which I hadn’t had since I was seven years old.”

This is just one of many potentially worrisome signs cited by Grantham, who also refers to valuations and “crazy behaviour” in stocks like GameStop and Tesla.

He may be right when he says rising hostility to bears is a late-stage indicator, but there are two problems with this argument. Firstly, bitcoin enthusiasts have always tended to be fanatical.

Secondly, personalised online abuse is now commonplace. Yes, sceptics like Grantham get pilloried in certain quarters, but so do commentators who have the temerity to suggest stocks may not be in a bubble.

Today’s polarised online world isn’t just characterised by rising hostility to bears; it’s characterised by rising hostility to anyone who doesn’t share their opinion.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
GO BACK
Error Image
The account details entered are not currently associated with an Irish Times subscription. Please subscribe to sign in to comment.
Comment Sign In

Forgot password?
The Irish Times Logo
Thank you
You should receive instructions for resetting your password. When you have reset your password, you can Sign In.
The Irish Times Logo
Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.
Screen Name Selection

Hello

Please choose a screen name. This name will appear beside any comments you post. Your screen name should follow the standards set out in our community standards.

The Irish Times Logo
Commenting on The Irish Times has changed. To comment you must now be an Irish Times subscriber.
SUBSCRIBE
Forgot Password
Please enter your email address so we can send you a link to reset your password.

Sign In

Your Comments
We reserve the right to remove any content at any time from this Community, including without limitation if it violates the Community Standards. We ask that you report content that you in good faith believe violates the above rules by clicking the Flag link next to the offending comment or by filling out this form. New comments are only accepted for 3 days from the date of publication.