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Billionaire Cliff Asness: “I’m Not a Bitcoin Fan”
Cliff Asness, a billionaire investor and hedge fund manager, has once again expressed his skepticism towards the cryptocurrency market, particularly Bitcoin. In a recent social media post, he stated that the idea of Bitcoin being a store of value solely due to its limited supply is not valid.
“That’s not how things work,” he emphasized, adding that scams are uniting together, likely referring to the rapid growth of the cryptocurrency market and the numerous shady projects that have emerged in recent years.
Asness has been vocal about his disdain for Bitcoin in the past. He believes that the digital asset lacks any real utility and is simply a speculative bubble waiting to burst. His views on this topic are not unique, as many experts and investors share similar concerns regarding the cryptocurrency market.
In addition to his negative stance on Bitcoin, Asness has also lambasted the recent pivot of GameStop, a videogame retailer, towards investing in the digital asset. The firm has announced plans to raise $1.3 billion through a convertible note offering, which will be used to purchase Bitcoin.
“The scams are uniting,” he quipped, referencing his belief that many companies and investors are simply jumping on the bandwagon without any real understanding of the market or its underlying fundamentals.
Asness has been critical of the idea of institutional investors holding Bitcoin as a strategic reserve, dismissing it as “ridiculous.” His views on these topics highlight his skepticism towards the cryptocurrency space, which he believes is driven by speculation rather than tangible value creation.
Asness’s negative stance on Bitcoin and the broader cryptocurrency market highlights his conservative approach to investing. As one of the most successful investors in the industry, his opinions carry significant weight, and it will be interesting to see how this plays out in the future.
Source: https://u.today/billionaire-cliff-asness-im-not-a-bitcoin-fan
