It is a running joke among the Bitcoin [BTC] community that bull runs will ensue when prominent investors and players in the investment space bash it. The star-studded line-up of individuals who have spoken against the coin now has another addition in the form of billionaire investor Howard Marks.
Marks’ firm, Oaktree Capital, reported that it was managing assets worth $121 billion, with the net worth of its founder being close to $2 million. He spoke to CNBC at the Delivering Alpha conference, squarely stating that Bitcoin was not an investment, but a trade. He stated:
“It’s not an investment… it’s a trade. In the long run, I think it will be shown not to have any substance.”
According to Marks, those who are buying Bitcoin are doing so because they think “someone will buy it from them at a higher price”. He questioned the benefits of Bitcoin, saying:
“Not because they can specify its intrinsic benefits. Not because they can judge the intrinsic value. But only because they think it’s going up. This is what we called, when I was a kid, the greater fool theory.”
He now joins the list of players in the banking and traditional markets space who have picked out Bitcoin as not being worthwhile. Perhaps most prominent of these is the famed Oracle of Omaha, Warren Buffett, who called the cryptocurrency “rat poison squared”. Interestingly, he also admits having missed out on the wave in stocks that came after the widespread adoption of companies based on the Internet.
Another one of these is Jamie Dimon, the CEO of JPMorgan Chase, who stated:
“If you’re stupid enough to buy it, you’ll pay the price for it one day. The only value of bitcoin is what the other guy’ll pay for it. Honestly, I think there’s a good chance of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out.”
Notably, JPMorgan recently filed a patent to launch tokenized securities on the blockchain. They have also created a team which is focused on cryptocurrency products that can be taken to the market.
Even Nouriel Roubini, who earned the nickname “Dr. Doom” for predicting the financial meltdown of 2008, has become infamous among the cryptocurrency community for his open hatred of Bitcoin. He has called it the “bubble of bubbles, and the greatest bubble in human history”.
Even as the cryptocurrency community is no stranger to comments against them, the future will decipher the truth of the so-called Bitcoin bubble.
The post Bitcoin [BTC] bashers list gets another addition with billionaire investor’s statements appeared first on AMBCrypto.