It’s time to short bitcoin

For now, the bitcoin bulls are winning big. But Matthew Partridge thinks it might be time to bet on a pullback.

866_MW_P32_Trading

The shoeshine boys are tipping bitcoin
(Image credit: Copyright (c) 1963 Shutterstock. No use without permission.)

If you want to start a fight in a room full of investors, just ask them what they think of the digital currency bitcoin. Some reckon it will transform the world, making national currencies redundant. They argue that widespread adoption by retailers, and financial institutions, could push its value higher, with some predicting that it could reach $10,000 per coin. In contrast, JP Morgan CEO Jamie Dimon made headlines last month when he attacked it as a "fraud". Ray Dalio, founder of hedge-fund giant Bridgewater, has expressed similar sentiments.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

Follow Matthew on Twitter: @DrMatthewPartri