China’s Real Estate Bubble And 5 Other Predictions that Turned Out to be Wrong

In this article, we will be taking a look at the China’s real estate bubble and 5 other predictions that turned out to be wrong. To see more predictions, you can go directly to see the China’s Real Estate Bubble And 9 Other Predictions that Turned Out to be Wrong.

5. Jamie Dimon: Bitcoin Crash and Cryptocurrency Implosion

Prediction: 2017

Cryptocurrencies have always been extremely volatile, much to the concern of most investors and executives. In 2017, the emerging asset class would blow up as Bitcoin demand soared, seen as an alternative to the global financial sector. Digital currencies were seen as an emerging asset class ready to replace fiat currencies under governments’ control.

The hype around Bitcoin saw its price explode from less than $1,000 a coin to highs of $4,000. As the hype around Bitcoin soared, JPMorgan CEO Jamie Dimon joined the bandwagon, terming the flagship crypto a hyped fraud that was destined to implode to zero.

The prediction fell flat as the cryptocurrency rallied to record highs of $20,000 a coin in December of 2017. However, Dimon would be vindicated as the volatility finally caught up with the coin as it imploded, plunging by more than 80% to below the $4,000 a coin level in 2018.

The plunge once again underscored how unstable the digital asset is. Despite the implosion, the coin did bounce back, recouping all the losses and rallying to highs of $64,000 a coin in 2021. However, it has since pulled back, losing more than 50% in market value from all-time highs.