Ex-Goldman Trader: "The bitcoin guys are not traders, they are hold-on-forever guys"

Tony Greer, an ex-Goldman commodities trader, runs the independent research firm TG Macro

"My whole point there in the bitcoin market is I've never seen a market where the players in it are angry at the non-players in it for not being in it. When you're making money in oil and in gold, you want that to be the best-kept secret on Wall Street. You don't want anybody tampering with your money machine once you feel like you've figured out this commodity," he said. "The bitcoin guys are the opposite. They're not traders, they are hold-on-forever guys, they think that it is a magic carpet ride to wealth, and they have thrown all trading dynamics out the window."

Greer thinks that bitcoin could still break down further and find a bottom somewhere between $20,000 and $30,000 eventually.

"That's an area that, versus where it's been, I would be interested in potentially buying it," he said. "But I want to see some weakness, I want to see a lot of the sentiment get taken out of it."

Greer does not share the view that bitcoin is digital gold, he respects the intellectual capital that has piled into the asset. Specifically, he appreciates the level-headed approach that hedge fund billionaire Paul Tudor Jones and Real Vision founder Raoul Pal have taken to analyzing the space.

"People like that open my eyes to what the value of bitcoin could be and keep it on my radar screen for trade because the thing is liquid and tradable as hell," he said. "So if it feels like it's going to establish a direction for a reason, then let's be in it."

SOURCE: An ex-Goldman trader lays out the 5 'sentimental tops' that he saw in bitcoin