Cryptocurrency expert Teeka Tiwari joined Glenn on Tuesday's episode of "The Glenn Beck Radio Program" to talk about his "bitcoin $40,000 prediction" that he made earlier this year and to explain what's going on with bitcoin right now.
If you've been following crypt-economics, you know that bitcoin prices have fallen sharply over the past several months. Today it is trading at about $3,900, according to Glenn. But Teeka maintains that "the selling is not over."
"Every fundamental reason that I forecasted behind my projection of bitcoin $40K came true," Tiwari explained.
He predicted that several "major endowments" would buy bitcoin, and indeed, David Swensen, who manages Yale's $30 billion endowment, bought into cryptocurrency in October, followed by Harvard and Stanford.
He predicted that "Wall Street would open up their trading platforms and provide custody for crypto." Now financial groups such as "Fidelity, T.D. Ameritrade, Citigroup, Morgan Stanley, the owners of The New York Stock Exchange and Nasdaq" have all announced plans to trade bitcoin.
"Northern Trust is creating a custody product and even State Street, America's largest custodian, is getting active," Tiwari added.
"So, all the fundamental research ... everything that I predicted came true. But the one piece that I got wrong, which I'm absolutely willing to own 100 percent, is I got the investor sentiment piece wrong," Tiwari said. "The market does not believe anything but bad news right now."
Tiwari explained that the last time he saw "such a disconnect between the fundamentals and investor sentiment" was with Apple Computers in 2003. At the time, everybody thought Apple was going out of business even though they had the "hottest product in the world, the iPod." The Apple stock dropped 40 percent in 2003. But, of course, we all know what happened with Apple stock in 2004.
Asked by Glenn what it will take to change investor sentiment, Tiwari detailed several upcoming events already scheduled to launch in the first part of 2019.
"The good news is all of that's going to happen," Tiwari said.
Watch the video clip above to catch more of Teeka's explanation.