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Economic Calendar. Retirement Planner. Sign Up Log In. Home Investing Stocks Need to Know. ET By Barbara Kollmeyer. Barbara Kollmeyer. The famous economist John Maynard Keynes once described speculation as akin to a beauty contest.
Presented with a row of faces in a newspaper, competitors must pick not the face they find the most beautiful, but the one they believe other participants will find the prettiest. Playing the game to the fifth degree is what Paul Tudor Jones did in But in , Jones has finally discovered the purest speculative instrument to ever trade on the face of the Earth.
There is a set of fixed underlying fundamentals involved. The price of oil, for instance, is battened down by the ability of industrial users to substitute away from oil into natural gas or some other alternative.
Not bitcoin. If enough people wake up in the morning thinking that the price of bitcoin should rise, and act on it, then it will rise. This lack of fundamentals is why bitcoin demonstrates such incredibly fast and sustained price swings. It can double in a month, or rise by a factor of 10x in three months.
Big psychology-driven swings like these are the bread and butter of professional speculators like Druckenmiller and Jones.
That skill allows them to make huge amounts of money, very quickly. For them, bitcoin is the perfect trading machine. Speculators often talk up their positions. That is, they mention on TV they happen to be investing in something, hoping that they can create a bandwagon effect. Subscribe to Money Reimagined , our newsletter on financial disruption. Soros, for his part, has been mum on the question of whether he owns bitcoin.
Speculators love to play the game. Read more about Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. Year in Review
Certainly, certainly.