Despite Bitcoin‘s recent unprecedented surge, Cliff Asness, a well-known figure in the hedge fund world, continues to express his doubts about the digital currency.
In a recent conversation with CNBC, Asness expressed his viewpoint that the dominant cryptocurrency might be considered as a “speculative bubble.” He reasoned this by stating that it lacks a tangible, practical application.
In summary, Asness mentioned that he won’t bet against cryptocurrencies because they are extremely volatile.
For years, a U.S. tycoon, with an approximate fortune of $2.1 billion, has expressed doubt about the value and reliability of cryptocurrencies.
Back in 2021, Asness dismissed the idea of following cryptocurrency trends as a quant trader.
“You know you can trade anything as a trend follower and we have not done this,” he said.
He expressed some skepticism, suggesting it might be difficult for anyone to develop an effective valuation model that accurately determines the ideal value of the most prominent cryptocurrency.
In a tweet after the FTX-induced crypto market collapse in late 2022, Asness expressed that he believed Bitcoin and other crypto assets behave like speculative bubbles. He even jokingly suggested that if fictional money could feel shame, it would.
According to a report from U.Today, the CEO of JPMorgan Chase, Jamie Dimon, has expressed his concerns about Bitcoin, stating that its primary use seems to be in illegal activities like money laundering.
Regardless of gaining the backing of notable figures like Larry Fink from BlackRock and experiencing increased acceptance among institutions, Bitcoin still needs to make significant strides before it can win over the hesitant traditional financial community who remain skeptical about it.
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2025-01-13 23:55