You can count hedge fund manager Paul Singer as among the bitcoin skeptics. He recently savaged bitcoin and cryptocurrencies as a form of investment saying:
“When the history is written, cryptocurrencies will likely be described as one of the most brilliant scams in history….It is not just a fraud. It is perhaps the outer limit, the ultimate expression, of the ability of humans to seize upon ether and hope to ride it to the stars….But is it not glorious that when the equivalent of nothing attracts priests and parishioners who run up the price, the very willingness of the mob to buy it at higher and higher prices is seen as validation of the thing, rather than an indication of the limitless ignorance of swaths of the human race?”
This isn’t Singer’s first fusillade against crypto-currencies. Aaron Hankin writes in MarketWatch:
This isn’t the first time Singer has taken a shot at the cryptocurrency market. In 2014, he called out bitcoin proponents, who argue that the digital currency will replace gold. Singer said bitcoin has yet to stand the test of time like traditional asset gold and the difficulty extracting gold makes it a more lucrative store of value.
Read more here.
E.J. Smith - Your Survival Guy
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