Bitcoin and cryptocurrencies have been criticized by another billionaire who invests in gold. John Paulson Lambasts warns cryptocurrency investors that their assets will ultimately prove worthless.
John Paulson Lambasts foretells the fall of cryptocurrencies
Another fortune teller has heard about the fall of cryptocurrencies and warns investors that their assets will eventually end up at zero. John Paulson is a co-founder of Paulson & Co and a historic beneficiary of the collapse of the US housing financial market in 2008. He made $ 4 billion in shorts at the time. Will he want to do the same thing on Bitcoin?
The billionaire said they had no cryptocurrencies “No intrinsic value” and thus joined other BTC critics who argue essentially the same thing. Paulson, who invests in gold, ended his thoughts on cryptocurrencies by warning investors that in the long run, cryptocurrencies will prove worthless.
He stated:
“Cryptocurrencies, no matter where they are traded today, will eventually prove worthless. As soon as the buoyancy subsides or the liquidity dries, they go to zero. I would not recommend anyone to invest in cryptocurrencies. “
Would you rather something else?
Many well-known names that denigrate cryptocurrencies belong to investors and evaluate crypto as an investment, and they would like more people to invest somewhere else, whether it is gold or stocks. Among other skeptics, let’s mention billionaires Warren Buffett. In addition to a number of peppery statements about Bitcoin, Buffett described cryptocurrency as an unproductive asset, as opposed to land or corporate shares…
In contrast, John Paulson Lambasts, like other well-known critic Peter David Schiff, invests in gold. Gold will be an insurance for him against the decline in fiat currencies that he expects. Paradoxically, it invests for the same reason as many Bitcoin supporters, who are also looking for ways not to fall victim to inflation and currency devaluation.
Bitcoin has a limited supply of 21 million coins, making it a rare asset, as is gold. It is even called digital gold. Even if you don’t make a ring out of it, it has advantages over gold, such as its perfect divisibility, easy transferability, high liquidity and, last but not least, almost zero demands on storage space. On the contrary, gold has the upper hand as historical money and a means of preserving value, which, unlike young Bitcoin, has been in operation for centuries.
Conclusion
Can Bitcoin prove worthless? Some say yes, others believe that this will not happen so soon, and on the scale of the next five, ten or more years, its price will continue to rise. What do you think about it and if you are worried that John Paulson Lambasts may be right, write down in the comments.
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