Kelly Slater on edge as bitcoin grows shaky

"(It's) not worth anything. It's worse than a tulip bulb..."

Kelly Slater is, certainly, a many splendored thing. Winningest professional surfer of all time, face of the modern wave pool revolution, smarter than most doctors. The now 53-year-old is also a master cryptocurrency investor, in early on the environment-chewing digital coins, and here to stay.

Kelly Slater is what is called a “diamond-handed” investor, someone who, according to the Motley Fool, “holds a volatile investment even when there’s pressure to sell. It’s popular with high-risk assets such as cryptocurrency and meme stocks. Despite the humorous intent behind it, there are select situations where it’s good to have diamond hands.”

And Kelly Slater? Ohhhh he good.

But who could forget when our hero savaged Elon Musk, some five years ago, for, in his words, attempting to tank bitcoin? Taking to Instagram, the 11x champion declared:

“Elon Musk and Tesla Motors proudly bought $1.5B worth of Bitcoin for around $34K in Feb. Elon comes out this week and says BTC mining is bad for the environment and they dump their bitcoin for an estimated $804M in profits (but he’s still pushing dogecoin, a useless shit coin).

“So a guy who owns an energy company doesn’t understand this stuff before he buys it? Has no problem taking the profits. Does he have an issue with kids mining cobalt in the Democratic Republic of Congo to build batteries? He could probably address and potentially help solve the real energy issues (68 per cent of the energy produced in the US, for instance, is wasted … seems like a bigger issue to me which would solve any BTC problem).

“I think Elon’s board and backers hate crypto and what it’s doing for the average investor and pressured him to put out a statement which they knew would inevitably tank bitcoin. I hope the SEC is taking a good look at this (and all of them who might be buying the dip today and this week in their private accounts). Interesting times. But Elon is bad for crypto.”

The price, then, roughly $5,000 per token.

Today?

Bitcoin is hovering around $92,000 a piece, Kelly Slater clearly the genius, Elon Musk the rube.

Kelly Slater’s Diamond Hands Trembling?

Except scary days for the new father of Tao? Kelly Slater feeling a pinch? Bitcoin has been going through it lately. This morning’s New York Times front page throwing doubt and fear into hearts usually stout with the headline “Those Sky-High Bitcoin Prices Everyone Said Were Here to Stay? They Left.” And continuing to the subheading, “Bitcoin has plunged more than 30 percent and Ether is down around 40 percent in recent months, as gains from President Trump’s pro-crypto policies evaporated.”

Michael Burry, famously played by Christian Bale in the film adaptation of the Michael Lewis’ The Big Short, piling on over at Business Insider, sharing, “I think that bitcoin at $100,000 is the most ridiculous thing. (It’s) not worth anything. It’s worse than a tulip bulb, because this has enabled so much criminal activity to go deep under.”

Eric Trump’s, President Donald Trump’s son, crypto mining business has lost 40% of its value, according to The Guardian, continuing, “The nosedive of American Bitcoin Corp, which triggered repeated trading halts, followed the steep decline of many cryptocurrencies and crypto-linked companies into what some observers are calling the onset of a “crypto winter”. Bitcoin’s value has fallen sharply since the start of October and erased a year of large gains.”

A bit of light over on Zerohedge, where analyst Tyler Durden proclaimed, “Bitcoin extended a tentative rebound on Wednesday (Dec. 3), rising as high as $94,000, though sentiment remains fragile.”

Though “tentative” and “fragile” not the most encouraging of words.

So? What are your thoughts on Kelly Slater’s investment strategy now?

Are you, like he, diamond-handed or is the stress and pressure of the game simply too much to bear?