Cliff Asness: The Billionaire Who Thinks Bitcoin is Just a Fancy Joke! 😂

by

Ah, dear reader, let us turn our gaze upon the illustrious figure of Clifford Asness, co-founder of AQR Capital Management, who has recently graced us with his thoughts on the much-debated Bitcoin. With a demeanor that oscillates between bemusement and mild disdain, he has declared himself not a fan of this digital currency. Yet, in a twist of irony, he refrains from labeling it a “scam.” How very magnanimous of him! 😏

In a recent tête-à-tête with Bloomberg, our hedge fund savant expressed a skepticism that could rival the most cynical of philosophers. He posited that Bitcoin, in all its pixelated glory, lacks a viable use case. And, lo and behold, he did not shy away from suggesting that this leading cryptocurrency might very well be a bubble, floating precariously above the realm of reality.

In a moment of profound insight, Asness remarked that Bitcoin and the S&P 500, that venerable index of American capitalism, are akin to two sides of the same coin—albeit with varying degrees of volatility. “I’m not sure about the mechanics of the correlation (where it comes from) but it’s been there and quite strong and consistent for the last few months. Which just makes me laugh,” he mused, perhaps envisioning a world where laughter is the best investment strategy. 😂

Moreover, he has dismissed the notion that Bitcoin should be revered as a store of value simply because it boasts a limited supply. “That’s not how things work,” he asserted, as if imparting wisdom to a wayward child. One can almost hear the echoes of his incredulity reverberating through the halls of financial discourse.

“Scams are uniting together” 🤝

In a recent foray into the realm of social media, Asness unleashed a scathing critique of GameStop’s audacious pivot towards Bitcoin. The retailer, in a move that could only be described as theatrical, announced a $1.3 billion convertible note offering to fund its Bitcoin escapades. “The scams are uniting. If you think about it, this really had to happen,” he quipped, his sarcasm as sharp as a well-honed blade.

Furthermore, our billionaire sage has not held back in denouncing the idea of establishing a strategic Bitcoin reserve, branding it as “ridiculous.” One can only imagine the chuckles that must have ensued in the hallowed halls of AQR as he delivered this verdict, a true testament to the absurdity of our times.

Read More

2025-03-27 17:21