Investment manager, Asness, recently stated that Bitcoin is a 'risk-on bubble asset' with no legitimate use case. He expressed skepticism about creating a reliable valuation model for Bitcoin and compared it to a 'pretend money' that would feel embarrassed. This follows JPMorgan CEO Jamie Dimon's concerns about Bitcoin's potential for criminal activities.
During a recent interview with CNBC, Asness suggested that the crypto king could be a"bubble," arguing that it had no legitimate use case. Back in 2021, Asness dismissed the idea of following cryptocurrency trends as a quant trader. He said that he was somewhat cynical that someone was going to come up with"a really good valuation model" for what the right price of the largest cryptocurrency is.
"I can’t remember if I mentioned this before, but has anyone noticed Bitcoin and the crypto backup singers are pure risk-on bubble assets? Feel like I have. If a made-up pretend money could feel embarrassed it would," Asness As reported by U.Today, JPMorgan CEO Jamie Dimon also recently stated that he did not"feel great" about Bitcoin, arguing that it was mainly being used for criminal activities such as money laundering.
Despite winning over such influential individuals as BlackRock's Larry Fink and achieving signifincalty broader institutional adoption, Bitcoin still has a long way to go until more skeptical traditional finance players finally embrace it. Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.
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