2021-1-25 17:50 |
“Cryptocurrencies are nothing,” says Billionaire hedge fund manager Paul Singer. The founder of New York-based Elliott Management sees the explosive growth in crypto assets as irrational investor activity.
“I’ve been investing for a long time, and I gave up a long time ago,” said Singer, who is worth $3.6 billion, in a recent interview with Grant Williams.
Singer said he has been trying to base his investment management activities on the concept that investors, traders, and markets are rational, which is not the case with the nascent but booming crypto market. He said,
“People try to be rational and think that they’re rational, but quite frequently they’re not. And there is hardly a better example today than cryptocurrencies.”
Singer is among those people who like tangibility as is with Gold, which will hurt your teeth if one tries to “bite a gold coin,” which means, unlike cryptos, “Gold is not nothing,” he said. This is what he said about the leading digital currency, a $616 billion market cap digital gold,
“To tell me that something that’s constructed as a computer program, where you engage in some process of sitting there in front of your computer, and after a period of time and the expenditure of a bunch of electricity a message appears on your screen that you have created something, that’s ridiculous. It’s nothing”
Investing in Bonds is SpeculationSinger’s criticisms go beyond Bitcoin and extend to the ultra-loose monetary policy of central banks as well. A frequent critic of U.S. monetary policy, he didn’t have any encouraging words for bonds.
“No institution can meet their goals by owning those bonds. They’re no longer a hedge against equity portfolios,” he added that investing in bonds now as their yields plunge into negative is engaging with speculation.
He also said that the “trillions and trillions” of dollars spent in Covid-19 relief combined with historic low-interest rates and wage pressure could shock markets.
“There’s a really good chance of a tremendous surprise and a surprise in the relatively near future,” he said on the likelihood of consumer prices spiking higher.
Bitcoin/USD BTCUSD 34,042.9948 $1,933.64 5.68% Volume 58.87 b Change $1,933.64 Open$34,042.9948 Circulating 18.61 m Market Cap 633.54 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post Bitcoin is ‘Ridiculous’ and Unlike Tangible Gold, ‘It’s Nothing’ says Billionaire Hedge Fund Manager Paul Singer first appeared on BitcoinExchangeGuide.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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