Readers are no strangers to Whitney Tilson’s calls especially in regards to cryptocurrencies. Tilson called Bitcoin a joke and worth zero when the cryptocurrency was at $100 or so (its up about 160x since that call) and again at $4000 or so. He is now doubling down and officially calling a top.

Below is the latest from Tilson’s email to investors plus an updated crypto chart. Caveat emptor.

In the past week, I’ve been asked about bitcoin by a parade of the least-knowledgeable investors imaginable – and the only times such foolishness has happened before in my 18-year career were at the peak of the internet and housing bubbles, so I’m calling a top right now.

Blockchain technology is real in the same way that the internet was real back in 1999 and housing prices tend to go up in the mid-2000s – in other words, a good idea taken to absurd extremes is NOT a good idea!

That said, the greed and speculative nature of humans is inherently unpredictable, so for all I know bitcoin could go to $1 million.

But I do know the ultimate outcome: smoldering rubble, a lot of finger-pointing (where were the regulators?!), and a lot of tears and empty bank accounts, especially among those who can least afford it.

I don’t often quote our Malignant Narcissist in Chief, but I will here: “Sad…”

2) Trust me: run, don’t walk, to watch this hilarious, clever four-minute Daily Show segment on bitcoin and other cryptocurrencies: The Rise of Bitcoin and Other Stupid Meme Currencies, https://youtu.be/nRItzSX0aCM.

Here’s the opening by Daily Show correspondent Ronny Chieng:

“Cryptocurrency: is it some fake sh*t some fu*king nerds made up on the internet to steal our money, or is it the future of finance? There’s no way all these people buying cryptocurrency have any idea what the hell they’re investing in!”

Other brilliant moments: