This is the final stage.

It starts with a “Hmf!” and a quick dismissive denunciation.

But that pesky Bitcoin keeps growing. So the pseudo-conomist rolls a few new arguments.

“Hmmmf!” and he increases his bet.

But as the predicted demise fails to occur he begins to contort logic.

Epic humiliation looms.

More frantic denial of reality follows.

When that fails, he reaches the final stage:

“Idiots, ideeots, idjiots, all of you!”