The Crypto Times
Image default
Bitcoin News

Two More Investment Magnates Trash Bitcoin

Following the hype of James Dimon’s trashing of Bitcoin, two more renowned investors have come out and publicly stated they are not believers in the world’s largest virtual currency:

Ray Dalio

Ray Dalio, founder of Bridgewater Associates, claimed Bitcoin to be a “bubble” this week. Dalio made this accusation based on his belief that there exist two main qualities to be considered a valid currency: ease of transactions as a medium of exchange and being a “storehold of wealth.”

Dalio explained that Bitcoin is not easily spendable enough to be considered an adequate means of exchange, and is far too volatile to be considered a storehold of wealth – like gold or the US Dollar.

John Hathaway

Notable Gold Investor John Hathaway also claimed that Bitcoin is “an absolute bubble” and “garbage”. However, Hathaway added that compared to gold the market cap of cryptocurrencies is very minuscule compared to gold.

Hathaway ended with: “Sure you can make money in bubbles any time but you have to get out. Let’s not forget that the total market value of these cryptocurrencies is $180 billion or so, maybe a little less now -that’s tiny compared to gold.”

Related posts

AntShares, now NEO, Rises to Top 10 Cryptocurrency

Hootie

Hurun List Features 5 Cryptocurrency Billionaires

Viena Abdon

Multinational Firm Mastercard Joins Blockchain Company R3 to Facilitate its Crypto Trade Financing

Viena Abdon

Bitcoin.com Wallet Allows Effortless BTC-BCH Swapping

Viena Abdon

The Halving Looms, Wright Plagiarizes, & Miners Face Serious Difficulties: Bad Crypto News of the Week

Sierra Sanders

JPMorgan CEO Claims Libra isn’t a Threat in the Immediate Future

Viena Abdon

Leave a Comment