The guy confirms his views :
http://www.coindesk.com/mark-t-williams-bitcoin-bulls-time-will-vindicate-prediction/“grossly over-inflated” due to what he views as its “concentrated ownership, artificially limited supply and overhyped demand”.
Talk about solid arguments !
Shall we take them one by one ?
Concentrated ownership does not create scarcity by itself. It is the anticipation of future value that creates scarcity, not ownership concentration.
If there was poor future utility/value, people would sell wether they are few or many.
If the anticipation of future value is great, people avoid spending it - even if they are millions.
The big BTC owners are not keeping it for themselves to manipulate the price up. Instead, they keep it because they anticipate a higher value in the future.
Big owners have been mostly pushing the price DOWN, not up. They did so by diversifying away from BTC as the value was going up over the years and months.
Now the "artificially limited supply". What he means by that ? Again scarcity from ownership concentration ? Impossibility to create them out of thin air ?
I have no idea, but I see a market well supplied with lots of BTC sellers.
About overhyped demand, well, I find we are quite far from hype. The media is quite dubious about BTC and is happier to relay pessimism than optimism. There is more fear and misunderstandings than hype surrounding bitcoin, imho.