Cryptocurrencies Likely Won’t “Hold Value”, Says Hedge Fund Billionaire

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Cryptocurrencies Likely Won’t “Hold Value”, Says Hedge Fund Billionaire

Post by RamboLambo » Thu Jun 07, 2018 12:21 pm

Siegel, who helps his New York-based hedge fund manage $52 billion worth of assets, responded to a question on whether he was fond of any cryptocurrency saying that “they’re all about equal in my mind.” Moreover Siegel, who notably earned a Ph.D. in computer science from the prestigious Massachusetts Institute of Technology (MIT), signaled towards the floor with his palm, implying that cryptocurrencies are worthless.

The data-driven hedge fund manager isn’t the only billionaire investor who’s bearish on Bitcoin and other cryptocurrencies. Notably, Berkshire Hathaway founder and billionaire investor Warren Buffett has referred to cryptos as “rat poison squared.” Buffett’s business partner and the vice chairman of Berkshire Hathaway Charlie Munger has compared cryptocurrencies to “dementia” and “turds”.

What might make Siegel’s comments stand out is his strong technical background, and his position among the highest earning hedge fund executives. Speaking at the summit, he added:

“You already see certain kinds of assets inflating in price [real estate and cryptocurrencies]. People are looking for new ways to store value, rather than new ways to invest and create new things. I think there’s a little bit too much interest in storing value, and not enough interest in creating new value and expanding the pie.” ... llionaire/

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