Hugh Hendry Tries to Immanentize the Eschaton

One of the smartest bears out there threw in the towel last month and went long. Now he's talking about Bitcoin. It sounds like he's seriously swung into the inflation camp, but it also sounds like he's trying to immanentize the eschaton. If everyone starts thinking like Hugh, he'll go short once more.

Hugh Hendry Goes Stock, Bitcoin Bull Retard: "Don't Tell Me The Valuation, It Is Trending"
Eclectica’s Hugh Hendry has said he would buy into online currency Bitcoin if it were feasible to do so within his funds.

Hendry has bought 3D printing stocks as a play on trend-driven, QE-fuelled equity markets, and said the rise in the valuation of Bitcoin amounts to “the same thing”.

All US-listed 3D printing stocks are trading on at least 50 times earnings, but Hendry said he has little concern over the sector’s sky-high valuations.

"We are in 3D printing stocks. I say to my team 'don’t tell me the valuations, it is trending,'" he said, speaking at a Harrington Cooper conference at which he also revealed he is no longer bearish.

The power of those trends is such that Hendry said he would own Bitcoin if it was accessible on a regular exchange. The value of the volatile online currency passed $1,000 per coin for the first time last week.

“This is the environment where Bitcoin could go to $1m. There is no qualitative reason, but it is trending. If I could own Bitcoin, I would. If I own 3D printing, it is just the same thing,” he said.

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